LV= has welcomed the government’s decision to scrap the default retirement age (DRA).

John Perks, LV= retirement solutions director, said the move would come as relief to those over 50 who may already be concerned about how they will fund their retirement if they are forced to retire earlier than they want to.

He said: “Our research shows 4.5 million over 50s expect to work past the current state retirement age by an average of six years