Plans to raise the state pension age for men and women to 67 are to be accelerated.
Under previous proposals, the state pension age was to rise to 67 for men and women between 2034 and 2036 but this will now happen between 2026 and 2028.
Chancellor George Osborne said the decision will save the Treasury £59bn.
He said: “Starting in 2026, we will increase the state pension age from 66 to 67 so we can go on paying a decent pension to people who are living longer.
“This will not affect anyone within 14 years of receiving their state pension today and, by saving a staggering £59bn, it will mean a long-term future for the basic state pension.”
Anand Associates managing director Bhupinder Anand says: “With the economy in dire straits and longevity continuing to rise, it was inevitable that the Government would bring foward the increase in the state pension age to 67.”