UK pensions: will you have to retire later or pay in more?

The state pension provides the bulk of most pensioners’ income. Photograph: Lucy North/PA

You are going to have to start putting some money away for your retirement, or paying in more than you do now, and you are probably going to have to wait longer to get your hands on your state pension. That was effectively the message to millions of people this week when the government announced a wide-ranging review of the UK pensions system.

The independent commission it launched will grapple with a host of thorny issues and make recommendations for change.