State pension age of 70-plus by 2050 'inevitable'

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The state pension age is set to rise more quickly than anticipated, according to experts, after official statistics showed the extent to which life expectancy had increased over the last century.

Barnett Waddingham senior consultant Malcolm McLean said it appeared "inevitable" that people would not be able to draw their state pension until 70 at the earliest by 2050. Figures published by the Office for National Statistics (ONS) showed life expectancy at birth has increased by nearly three years a decade, and that a 60-year-old could expect to live nine years longer today than 100 years ago. With the government intent on ensuring people spend a third of their life in retirement, McLean (pictured) believes the state retirement age will rise "much faster" than expected. He sai...

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