The age of retirement 'will probably rise'

An increase in the state pension retirement age is most likely inevitable, according to the chair of the UK's pensions regulatory body.

The government plans to raise the minimum age to 68 and, despite the fact that pensions minister Angela Eagle remarked that no plans to go above that age had been considered, David Norgrove of The Pensions Regulator stated that he believed it would go higher, the BBC reported.

According to Mr Norgrove, people were afraid of saving money for their pensions as they felt the process of doing so was too complicated.

"People are going to have to work longer, partly because we're not going, as a nation, to save as much for retirement as we did in the past," he said.

The Pensions Regulator recently recommended the implementation of higher standards for defined contribution pensions, including ensuring that trustees help those retiring from positions in accounting and finance jobs for example make the right decisions regarding their savings.

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