The government must reconsider punishing changes to women’s pensions after it emerged earlier reforms boosted state coffers by more than £5 billion a year, campaigners say.

The Institute for Fiscal Studies (IFS) found more than one million women are worse-off by an average of £32 a week after the retirement age moved from 60 to 63.

The change, which happened between 2010 and 2016, has taken 1.1 million women off the pensions book, saving the UK Government £4.2bn on the state support and related benefits.

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