The UK will have to increase the state pension age to 71 by 2050 to maintain the number of workers per retiree, according to a new report from the International Longevity Centre UK.

A last minute decision by the Government to scrap plans for a 'get-out clause' which would have allowed some pension savers to avoid a rise in the Normal Minimum Pension Age will help cut down on scams, according to pensions experts.

Government plans to increase the age that savers can first access their pensions from 55 to 57 risk creating a “retirement lottery”, according to investment platform AJ Bell.