Budget: State pension age could rise with longevity

George Osborne confirmed there would be an review of the SPA to ensure it "keeps pace with longevity".

He said the details of the review would be published this summer in the Office for Budget Responsibility's 2012 Fiscal sustainability report.

Aegon regulatory strategy manager Kate Smith said the move highlighted how important individual retirement saving actually is.

She said: "Linking the state pension age to life expectancy again stresses the importance of not relying solely on state pensions. Those who want control over the age at which they retire need to be building up a private pension which they can draw on before state pension commences."

The Chancellor also said a white paper on the rising cost of social care would be published to "address the rising cost of the ageing population".

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• Budget 2012