Failing to increase the state pension age to 68 as the government had planned could cost the taxpayer more than £60bn, the Institute for Fiscal Studies (IFS) has warned.
The decision to bring forward the rise by seven years – so that it comes into effect between 2037 and 2039, rather than between 2044 and 2046 – was first announced by Theresa May’s government in 2017. The plan would mean millions of people being left waiting an extra year for their pension.
