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Chancellor Rachel Reeves has been told to let workers take their Department for Work and Pensions ( DWP ) state pension up to three years early - in exchange for lower annual amounts.

Pension provider Aegon has proposed that workers approaching state pension age should be allowed to take payments early in exchange for a slightly reduced annual payment.

It said doing so would allow those approaching retirement more financial flexibility and address inequalities caused by differences in life expectancy.

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The age at which taxpayers can start to draw the state pension will rise from 66 to 67 from next year, and is due to reach 68 by 2046.

Steven Cameron, of Aegon, said that the higher the s

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