Speaking exclusively to GB News, co-founder of Raisin UK Kevin Mountford said that while it would reduce state pension spending, it would have a devastating impact on many approaching retirement.

He explained: “Although this proposal could save costs, the reality is that it could have severe consequences for middle-aged people who may be required to work longer before claiming their pension.

“This change would particularly impact those currently in their early 50s and younger and would add to the number of pensioners already living in poverty, which is one in four.”

The finance expert said such an age increase would likely only benefit Britons in higher-income groups, who are less likely to be reliant on the state pension.

Ms Mountford highlighted statistics which show only the top 10 per cent of the UK’s population stay healthy into their early 70s.

He also warned raising the state pension age this drastically would be considered a betrayal by voters at any upcoming General Election.

Raisin UK’s co-founder added: “The suggested policy update is also inflexible due to its unique eligibility criteria for state pension, which is part of every worker’s social contract.

“Neither the NHS nor the UK labour market is prepared for this policy, too; the former faces significant health differences across the country, while the latter is rife with ageism.