The looming increase in the state pension age next year, which is projected to net the government around £6 billion annually in savings, could be directly used to help those most affected by the change.

A report by the Institute for Fiscal Studies and Financial Fairness Trust part of The Pensions Review, indicated this tough but necessary measure is likely to hit low-income individuals hardest.

The report outlined two potential approaches to provide a financial leg-up for those entering…