ILC said that the state pension currently costs the Government over £100billion a year and has increased three-fold since 2000.
Prof Les Mayhew, Head of Global Research at ILC, believes it is a foregone conclusion that the state pension age will continue to rise.
He said: “Deciding state pension age is not a trivial matter. The decisions made in the latest review will impact on the incomes of everybody, whether that be via pension benefits or taxes.”
“Frankly, we’re probably going to have to increase SPA further between 2030 and 2045 for it to be intergenerationally fair and fiscally sustainable.
“It’s not a question of ‘if’ but ‘when’ and ‘by how much’.”