The government announced in the Queen's Speech that it planned to review the current timetable for increasing the state pension age.
In an interview in the Spectator last week new Work and Pensions Secretary Iain Duncan Smith said it was "an absolute imperative to start moving the retirement age up".
Under current legislation the age at which people can claim their state pension is due to increase to 66 between 2024 and 2026
Under current legislation the age at which people can claim their state pension is due to increase to 66 between 2024 and 2026, followed by two further increases at 10-year intervals to raise it to 68 by 2046.
However, it is understood that the new government does not think this timetable is quick enough, especially in the current economic climate.
The Department for Work and Pensions has pointed out that since the timetable was first published, the Office for National Statistics has issued revised life expectancy projections.
These show that a man who turns 65 in 2020 is expected to live for a further 22.4 years on average, up from previous assumptions that he would live for another 20.9 years, upon which the increase to the state pension age was based.
The government has also pledged to review the default retirement age of 65 with a view to scrapping it, a move that has been largely welcomed by small and medium-sized business owners.
