The Department for Work and Pensions has been told to “means test” the state pension to “guarantee” its survival. Craig Mackinlay, writing in the Telegraph, called on the Labour Party government and the DWP to make changes.

Mackinlay of Richborough is a member of the House of Lords. He was previously the MP for South Thanet and served on the DWP and Public Accounts Select Committees. He is also a chartered accountant and tax adviser.

He explained: “My solution was a “less for longer” system that would give early access to the state pension but at a lower level, based on actuarial life expectancy.”

He went on: “Without question, retirement poverty has significantly reduced under the operation of the “triple lock” and the new, post-2016 state pension. The effect of auto-enrolment, building private provision for millions, is yet to be felt.