State pension age could rise to 69 in plan to save the Exchequer billions

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Independent report recommends a cap on state pension spending

Anyone born after 1979 will have to wait until they are 69 to collect the state pension under proposals to stop the Treasury overspending.

The independent report on the state pension age by Baroness Lucy Neville-Rolfe, published on Thursday, recommended state pension spending should be capped at 6pc of gross domestic product. 

It currently accounts for 4.8pc of GDP, but is forecast to rise to 8.1pc in just five decades.

A 6pc limit would mean that the state pension age would have to increase to 69 between 2046 and 2048, the report found.

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State pension age could rise to 69 in plan to save the Exchequer billions

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