The government has been urged to freeze state pensions and increase employee contributions to unfunded public sector schemes as part of a detailed plan by the TaxPayers' Alliance to cut public expenditure by £50bn.
The campaign group's report - published in conjunction with the Institute of Directors - outlined 32 steps to help improve what it called "the dire state of public finances".
The report proposed a 12-month freeze of the basic state pension and the minimum income guarantee, which it estimated would save more than £1.4bn.
It said pensioners would not be rendered "worse off in real terms" as a result -citing expectations that inflation would remain negative during September, the month used for pension uprating.
The report said: "In fact, with inflation negative, pensioners will still be better off in real terms next."
It added: "Our suggestion does not harm pensioners, but means they will benefit from deflation by less than currently envisaged."
Another recommendation was to increase employee contributions by a third to all unfunded public sector pension schemes - a move which the report said would save more than £2.5bn.
"We do not aim to attack those who work in the public sector, but the generosity of many employments contracts, relative to those in the private sector, does need to be addressed," the report said.
"The average public sector employee is now significantly better off than their private sector equivalent."
Other cost saving measures included scrapping child benefits for middle-class families and axing one in 10 civil service jobs.
The authors of the report chose not to recommend increasing the state pension age, which they admitted would be "sensible for the long-term", because they would "yield little in the first one or two years".
Institute of Directors director general Miles Templeman said: "The UK is in the middle of a government debt crisis and our report sets out tangible proposals to cut the deficit.
"Businesses are right now making savings and cutting back on costs to get through the recession, and there is no reason why the public sector should not have to do the same."
TaxPayers' Alliance chief executive Matthew Elliott said: "Families and businesses have had to tighten their belts with the onset of the recession, so it is now time for the government to follow suit.
"These proposals offer practical, reasonable ways to save large amounts of money and politicians in Westminster would do well to take them on board."
Life expectancy in the UK saw no improvement between 2015 and 2017 as the number of people aged over 90 hit a record high, latest Office for National Statistics (ONS) data reveals.
Self-administered pension funds spent £14bn on payments to pensioners in Q2 2018, but only received £11.4bn of contributions (net of refunds), latest Office for National Statistics (ONS) data reveals.
The Pensions and Lifetime Savings Association (PLSA) has named the 17 members of its inaugural policy board after a competitive application process with 60 candidates.