Retirement age will rise to 69 by the 2040s

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The state pension age will increase to 68 in the mid 2030s and to 69 in the late 2040s, it was announced yesterday.

Chancellor George Osborne said the move was necessary to ensure “the basic state pension is affordable in the future, even as people live longer and our society grows older.”

He said the rising age was based on the principle that people should expect to spend a third of their life in retirement.

But the move was criticised by the GMB union which said people would be forced to “work until they drop”.

The Autumn Statement also saw confirmation of the Conservative pledge to introduce a new transferable tax allowance for married couples.

The allowance will be worth £1,000 and rise in value.