Osborne: State pension age to rise faster

The state pension age will now rise to 66 by 2020 for both men and women, Chancellor George Osborne has said.

The plan brings forward by six years the plan that the previous Labour government had put in place.

Mr Osborne told MPs that the increase from 65 to 66 would be phased in from 2018.

This will also accelerate the existing plan under which women's pension age would have been equalised with men at age 65, by 2020.

Mr Osborne said the new policy would eventually save the government £5bn a year by the end of the next parliament.

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