Anyone now in their 40s will not receive the state pension until they are 68, while those currently in their 30s will be 69 before they receive it.
Delaying the pay-outs will help save £400 billion from the pensions bill over the next 50 years.
More than £100 billion in savings has already been counted on, given the planned rises in the pension age to 66 by 2020 and 67 by 2028.
According to the Government, the changes are based on the principle that workers should expect to spend an average of one-third of their adult life in retirement.
Britain's economic plan is working, but the job is not done.
Chancellor George Osborne
The state pension will, however, rise by £2.95 a week from next April - leaving pensioners £800 a year better off from Government measures since 2010.
Pensioners will also be offered the opportunity to make voluntary national insurance contributions to boost their retirement income.
A pension review mechanism will be held every five years to ensure "fairness across the generations".
On Thursday, the Chancellor stood in the House of Commons to deliver his Autumn Statement and told MPs he was seeking "a responsible recovery to allow the government to live within its means".
Mr Osborne also confirmed that the Office for Budget Responsibility's official forecast for growth in 2013 had been upgraded from 0.6% to 1.4%, and from 1.8% to 2.4% for 2014.
This Autumn Statement has many positives for Northern Ireland, not least the £136million increase in the Northern Ireland Executive's Budget over the next two years.
Finance Minister Simon Hamilton
The Northern Ireland Executive is to receive an additional £136m in funding over the next two years as part of the economic plan.
A halt to the planned fuel duty rise and transferable tax allowance benefits for married couples were announced as ways to help with the cost of living.
Employer National Insurance contributions for under 21-year-olds are to be abolished as a boost for existing businesses and to improve opportunities for young people.
The creative industries in Northern Ireland will gain from additional funding for minority language broadcasting and through continued tax relief for high-end TV and film production.
Commenting on the budget, Secretary of State for Northern Ireland, Theresa Villiers said: "The Autumn Statement comes at a time when there is increasing evidence that the UK's hard work is paying off and the economy, in Northern Ireland and across the rest of the country is recovering.
"So I strongly welcome today's statement by the Chancellor and particularly the additional support for business and hard working people in Northern Ireland."
She added: "All of this is clear evidence of this Government's continuing commitment to Northern Ireland."
Finance Minister Simon Hamilton said the Autumn Statement has "many positives for Northern Ireland".
The Minister also noted additional support for businesses in England through the business rates system and in particular the £1,000 discount for local retailers.
Commenting on this measure the Minister said: "The Executive has already done much to support our businesses through the rating system. By way of comparison since 2011-12 the Northern Ireland non-domestic regional rate has increased by just 4.9% compared to an increase of 8.7% in the Uniform Business Rate in England.
"However, I am always prepared to look at new measures to support our businesses and I will consider the merits of the new initiatives in England once I have more clarity on how it will operate."
Mr Osborne also announced that HM Treasury had published economic modelling of the dynamic impacts of its corporation tax cuts.
Minister Hamilton commented: "The publication by the Chancellor of the Exchequer of the broader fiscal implications of tax changes is potentially significant.
"If he is prepared to take the same approach in terms of the potential devolution of corporation tax powers it could reduce our costs considerably."