The state pension age should rise to 70 by 2040 - more than 20 years earlier than scheduled under government changes - the former chairman of the Financial Services Authority (FSA) Lord Adair Turner said last night.
At present, a woman can claim her state pension at the age of 62 while men receive theirs from the age of 65.
Ministers have already outlined plans to first align and then increase the ages at which men and women become eligible for the pension - but Lord Turner said the current timetable should be speeded up even more dramatically, according to the Daily Mail.
Under the current plan, the state pension age for women will match men at 65 by 2018, and then both men and women will rise to 66 by 2020, 67 by 2028, 68 by the ‘mid-2030s' and 69 by the ‘late-2040s'.
As the state pension age is increased with life expectancy in the future, experts say the government's rules indicate it will reach 70 by around 2063.
But speaking in London last night, Turner (pictured) - who is also the former UK Pensions Commission chairman - said: "I think 70 by 2040 would be a good thing to aim for."
60 is the new 40
Turner also said there is a case for workers to be forced to save into a pension, rather than the current system where employees can opt out of auto-enrolment.
He added that he believes "60 is the new 40".
On the prospect of forcing people to save into a pension, he said it was simply not possible to do unless rip-off pension charges are scrapped.
"We cannot compel people to save and then start taking money off them.
"I don't think it is OK to compel people to save and then there being any danger of them paying one per cent fees. You've got to get it lower than that."
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