The state pension age should be increased to 75 within the next 16 years to boost the UK economy, according to new research by a Tory think tank.

A report by the Centre for Social Justice says the UK can no longer afford the current state pension age raise to 67 by 2028, and it must therefore be sped up.

The Conservative research group, co-founded by former Conservative leader and work and pensions secretary, Iain Duncan Smith, argues the state pension age should be 70 by 2028 and 75 by 2035.

The current state pension age is set to increase to 67 by 2028 and to further rise by just one year to 68 between 2044 and 2046, although the 2017 government announced plans to increase the age to 68 much earlier, by 2039.

Yet the think tank say evidence suggests the UK is "not responding to the needs and potential" of an ageing workforce, with hundreds of thousands of 50-64 year olds deemed "economically inactive".

Keeping people working for longer will enhance the UK's gross domestic product (GDP), according to the report, which also suggests that older workers would see support implemented, such as flexible working.

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The report published on Saturday, titled Ageing Confidently: Supporting an ageing workforce, states: "Removing barriers for older people to remain in work has the potential to contribute greatly to the health of individuals and the affordability of public services.

"Therefore, this paper argues for significant improvements in the support for older workers.

"This includes improved healthcare support, increased access to flexible working, better opportunities for training, an employer-led mid-life MOT and the implementation of an ‘Age Confident’ scheme."

It goes on to say that a job allows independence, offers social benefit and generally improves wellbeing.

"As we prepare for the future, we must prioritise increasing the opportunity to work for this demographic to reduce involuntary worklessness.

"For the vulnerable and marginalised, a job offers the first step away from state dependence, social marginalisation and personal destitution.

"In addition, provided that this support is in place, we propose an increase in the state pension age to 75 by 2035.

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"While this might seem contrary to a long-standing compassionate attitude to an older generation that have paid their way in the world and deserve to be looked after, we do not believe it should be.

"Working longer has the potential to improve health and wellbeing, increase retirement savings and ensure the full functioning of public services for all."

The pensions bill has grown from £17 billion in 1989 to £92 billion today, making up £4 of every £10 of welfare spending, the report adds.

By 2023, they suggest it will cost £20 billion more as the population ages and the birthrate falls.

The first people likely to be affected by such a change are those born between March 6, 1961 and April 5, 1977, according to The Mirror.

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Ex-pensions minister Ros Altmann tweeted a series of posts regarding the report, saying that the increase is "shocking" and "must not be allowed to happen."

She said: "Major changes in pension attitudes required due to big life expectancy differentials. Using age as a strict cutoff is not good policy.

"We don't want a Marxist calamity or a hard-right calamity either. We want decent conservative social democracy that seeks evolutionary change and. Builds on our past success not revolution to tear it all down."



CSJ chief executive, Andy Cook, added: "Right now, we are not doing enough to help older people stay in work and the state pension age doesn’t even closely reflect healthy working life expectancy.

"By increasing the state pension age, we can help people stay in gainful and life enhancing employment while also making a sound long-term financial decision."

The Centre for Social Justice (CSJ) was established as an independent think-tank in 2004 to 'put social justice at the heart of British politics and make policy recommendations to tackle the root causes of poverty'.