Pension age will rise early

The government is to speed up plans to raise the state pension age for men to 66, possibly by as early as 2016. Ministers will also raise the option of extending it further, perhaps to 70 and beyond in the following decades. Under the plans women will move to a state pension age of 66 a few years after men.

The default retirement age of 65, at which employers can forcibly remove workers, is also set to be axed from next April.

The previous Labour government's policy was to raise the pension age to 66 in 2024 and then gradually to 68 by 2046.

UK life expectancy is currently 77 years for men and 81 for women.

The change will mean that many insurers will need to rethink the upper entry age to their products, the length of time a product is for, and the restrictions on the ages cover ends.

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Pension age will rise early
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