As a consequence, it would mean those born after 1979 would face a retirement age of at least 69.

Sir Steve Webb, former pensions minister and partner at LCP, described this as a “draconian shift”.

He explained: “There is a sting in the tail in the analysis that the government has published today.

“If it adopts the idea of placing a cap on the share of national income spent on pensions, this would mean a rapid increase in pension ages, including a rise to 69 before the end of the 2040s.

“This would be a draconian shift in policy which would be likely to mean today’s younger workers facing a pension age of 70 or above.”

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