The Secretary of State for Work and Pensions has confirmed that a review of the current state pension age is “underway”.

Mel Stride MP told the House of Commons that a large variety of evidence will be analysed to judge whether the “rules on pensionable age remain appropriate”.

Additionally, the DWP boss said that the financial impact on pensioners would be taken into account, the Daily Record reported.

This comes as the charity Age UK has claimed a rise in state pension age would have millions of people having an "impoverished run up to retirement”.

Lancashire Telegraph: Age UK has said they are worried a rise in state pension age could fuel pension povertyAge UK has said they are worried a rise in state pension age could fuel pension poverty (Image: PA)

Mr Stride said: “We certainly take into account issues such as pensioner poverty, on which we have an excellent record.

"In fact, relative pensioner poverty before housing has halved since 1999, and there are 400,000 fewer pensioners in absolute poverty - that is before or after housing - compared with 2009-10.”

What is the state pension retirement age?

The current state pension retirement age is 66 and is based on the latest life expectancy data and other evidence.

Pension experts have said the UK Government faces a “tricky balancing act” in supporting an ageing population.

Two further increases currently set out in legislation indicate a gradual rise to 67 for those born on or after April 5, 1960 and a rise to 68 between 2044 and 2046 for those born on or after April 5, 1977.

However, they were reports earlier in the year that the rise to 68 could potentially happen in the 2030s.

What will be considered in the state pension age review?

The review will consider a wide range of evidence, including:

  • Examining the implications of the latest life expectancy data
  • Providing a balanced assessment of the costs of an ageing population and future State Pension expenditure
  • Consider labour market changes and people’s ability and opportunities to work over state pension age
  • Developing options for setting the legislative timetable for state pension age that are transparent and fair

The Pensions Act 2014 requires the UK Government to regularly review state pension age, and the latest review must be published by May 7, 2023, in accordance with the law.