Why the pension age rise?
THE coalition government wants to raise the age at which people are eligible to draw the state pension faster than the previous government planned to do.
A formal consultation will be held to set the date at which the state pension age starts to rise to 66. It will not be sooner than 2016 for men and 2020 for women.
If it was postponed by a year for the 690,000 men and women now eligible it is estimated to save £3.5 billion a year.