Sir Steve Webb

“He said the typical pension pot accessed by people in their late 50s was less than £10,000.”

“Sir Steve said he would not be surprised if the minimum age eventually increased again to 60.”

“Under the triple lock formula, the new state pension will rise next April by the highest of the growth in wages, prices or 2.5%.”

“Based on today’s figures, it is highly likely that it will be average earnings growth which comes out on top.”

“But the sting in the tail is that this will take the standard rate of the new state pension above the tax threshold.”

“pensioners are also paying growing amounts back to the Exchequer, paying around £30billion in income tax on their pensions in the latest figures.”