The state pension age was originally planned to increase to 67 by 2028 and then 68 by 2039, however, ministers have suggested an overhaul to the age at which pensioners receive state support to raise billions of pounds for the Treasury’s coffers. Suggested plans could accelerate the move to the mid-2030s.

The considered proposals risk creating financial uncertainty and potentially pushing many into poverty. Individuals in their mid-50s would have to wait an additional to receive their pension, The Telegraph reports.

The Institute for Fiscal Studies has previously warned and highlighted that raising the state pension age from 65 to 66 has caused a two-fold increase in income poverty rates among those nearing the threshold. An estimated 14.28% of 65-year-olds have been direct affected and pushed into poverty.

Sir Steve Webb, former pensions minister and a partner at consultancy LCP, said: “For people who are fit and healthy, it will just mean working for another year and perhaps rejigging your retirement plan.

“But there is a growing group of people who will need to rely on working age benefits if they get their state pension a year later. And if your life expectancy is low, say ten years after state pension age, then pushing it back by a year is akin to losing a tenth of your lifetime pension.”