Further pension rise debt possible

Workers could be expected to stay in employment until they are in their 70s in the next 20 years, or face needing debt solutions if they retire before this time.

This comes as the Pensions Policy Institute (PPI) think tank proposes that the state pension age should go up to 72 as early as 2030, in order to keep the cost to government at 1981 levels and reduce its debt.

People unwilling or unable to work up to this age would be left with whatever they have in their savings or private pension.

However, recent figures from MGM Advantage show that nearly half (46 per cent) of adults don't feel financially prepared for retirement, meaning they could be forced to seek debt help if they can’t work until 72.

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