Pay people who reach state pension age for five years even if they die, Reeves told

The Government should pay those who reach the state pension age for five years even if they die, the ex-minister behind the triple lock has suggested.

Sir Steve Webb, a former pensions minister, said in a report that the state pension age should increase but there should be a “minimum guaranteed payout” of five years to protect people with shorter life expectancies.

He has proposed that the heirs of those who die within five years of becoming eligible for the pension would receive this payout.

Webb, now a partner at pensions consultancy LCP, argued in the report that people should get the state pension for an average of 20 years, with the pension age rising by one year every 10 years to keep up with growing life expectancies.

Webb said there would probably need to be a similar guar