Allow early reduced state pension for 63-66 year olds

The rise in state pension age means all must be 66 to receive it. The full state pension is currently £175.20 a week, or around £9,100 a year, and is a crucial source of income for many retirees.

People who want to draw their pension earlier than 66, provided they have paid the necessary national insurance contributions, should be able to so from the age of 63, with their pension reduced for every year early it’s taken. People who are happy to delay taking their state pension would receive the full amount.

This would mean that people who have paid into private pensions could retire earlier, freeing up employment opportunities for younger people.