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The Department for Work and Pensions - or DWP - may have to hike the state pension to 80 by the 2070s to keep the system sustainable.

The DWP state pension age is set to increase from 66 to 67 between 2026 and 2028. There is a further increase to 68 lined up for 2046 but this is widely expected to be brought forward significantly, with a wider pensions review underway.

Research by Barnett Waddingham estimates that contributions might have to rise by around 50 per cent to avoid increasing the pension age, as Britain’s ageing population and longer life expectancy put growing pressure on public finances.

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Barnett Waddingham warned that for younger generations, retirement could feel like “a p

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