Liz Kendall, the Work and Pensions Secretary, has launched a new pension commission and announced a review of the state pension age, warning of a "tsunami of pensioner poverty" without major reform.
The review opens the door for an increase in the state pension age, currently 66 and set to rise to 67 by 2028 and 68 by 2046, with economic think tanks suggesting an acceleration is likely.
Research indicates that future retirees in 2050 are projected to receive £800 less per year than current pensioners, with 2 million already in poverty and numbers expected to rise.
Kendall highlighted that almost half of the working-age population is not saving for retirement, exacerbated by high housing costs, and noted a significant gender gap in private pension wealth.
The new commission will provide recommendations by 2027 on boosting retirement income, though it will not examine the triple lock, which costs £31bn annually, or the state pension age review.
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