Media reports that the Government, currently looking to plug huge gaps in its borrowing, plans to move forward changes to the State Pension Age (SPA) could have major implications for anyone who had been planning to retire in the mid-2030s.

The new State Pension, currently slightly over £9,600 for those who have made their full 35 years of NI contributions, and due to rise by a further 10.1% next April, forms an important part of many people’s future finances. If this component were to be delayed, it could mean many people putting off their retirement plans.

The current SPA is 66 for both men and women, and this is due to rise in stages from 2026, to 67 by 2028 and 68 by 2039. Ministers, however, are widely being reported to be considering accelerating this schedule and making the SPA 68 as soon the mid-2030s.

Sir Steve Webb, a partner at LCP and who was the pensions secretary in the coalition government, has responded to these reports by pointing out that the mooted rise in pension age is not being matched by rises in life expectancy ­­ which has largely been used as the justification for increasing the SPA to date. “It is tempting for the Treasury to see increases in state pension ages as ‘easy money, with tens of billions of pounds of savings available.

“But an aggressive schedule of pension age rises is simply not justifiable. The improvements in life expectancy, which were expected when this issue was last reviewed, have simply not materialised.”

Any delays would obviously most affect those heavily reliant on the State Pension, but even those with average private pension pots would see a significant reduction in their planned income until they reached the new State Pension Age.