However a government source said cutting the income of older people who are not able to go out to work would not be right.
They added: “By raising the state pension age so that it keeps up with life expectancy the government will save £500billion on pension spending. That’s the fair way to ensure that pensions make their contribution as the government lives within its means.”
The committee, made up of MPs from all parties, will also look at whether payments to pensioners like the winter fuel allowance should be reformed.
There have previously been calls to means test benefits for pensioners so wealthier people can opt out of state handouts.
Mr Field, a well-respected welfare reform campaigner, said: “ Is it fair and affordable to divert a large and growing sum of public expenditure toward pensioners – regardless of their circumstances – while mainly poor families with children face year-on-year restrictions on their income?
“Can the “triple lock” pension increase pledge be sustainable? Or are these policies necessary to guard against pensioner poverty?”
Launching the inquiry the MPs found that people born in the middle of the baby boom between 1956 and 1961 are forecast to receive 118 per cent of what they contribute back from the state.
Whereas younger people are predicted to have less wealth at each point in their lives than earlier generations had at the same age.
The group stated: “The Committee’s inquiry will investigate the extent to which this disparity is a consequence of government policies, such as the “triple lock” which protects pensioners’ incomes, and/or broader economic and demographic trends.”
Source: http://telegraph.feedsportal.com/c/32726/f/579309/s/4cd7eb9e/sc/13/l/0L0Stelegraph0O0Cfinance0Cpersonalfinance0Cpensions0C120A983980CMPs0Elaunch0Einquiry0Einto0Ewhether0EDavid0ECamerons0Etriple0Elock0Epension0Epromise0Eis0Efair0Bhtml/story01.htm