Could retirement age hit 70?

The age Britons are able to begin drawing their state pension upon retirement could be set to increase to 70, it has been suggested.

Appearing on BBC News’ Leading Questions with business editor Robert Peston, David Norgrove said that UK workers may have to wait for longer to access their pension fund due to rising life expectancy, an issue which may have an effect on motivation.

Currently, the state pension age in the UK will rise to 66 in 2024, 67 in 2034 and 68 in 2044.

Mr Norgrove said: "The government’s recent legislation is increasing the state retirement age progressively to 68. I think it will end up higher than that."

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He added that the trend of Britons paying to fund the older generations’ retirement was likely to be an issue over the years to come.

Mr Norgrove made his comments after Rachel Krys, director for the Employers Forum on Age, said that many older people still found it difficult to re-enter the workplace.