Debbie Abrahams, the Shadow Work and Pensions Secretary, will make the announcement during her keynote speech to party delegates gathered in Brighton for Labour's annual conference, accusing the Government of a "chaotic mismanagement" over the reforms.
Changes to the state pension age being brought in by the Government mean that many women who had expected to retire at 60 will have to work several years longer before receiving support.
The Waspi - Women Against State Pension Inequality - campaign is pushing for a transitional "bridging pension" to help women whose retirement plans have been thrown into disarray.
The Labour proposal announced by Abrahams is described as "cost neutral in the long run".
In a statement the campaign said: "If the media reporting is correct, the proposal being put forward by the Labour Party only applies to some Waspi women and is no better than the actuarial reduced pension suggested some time ago and rejected by the Waspi campaign at the time". Any woman due to reach age 60 before 2010 kept her pension age.
"We should also use this as an opportunity to look at the value that some of the more vulnerable in society get from the State Pension".
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Webb says: "Writing new primary legislation, getting it through parliament, and implementing the change on the ground is likely to take at least two years".
"If the legislation completed its passage through Parliament during the 2018/19 session it would take at least another year to change government computer systems and to communicate effectively to all those who might be affected".
He added: "Indeed, numerous women affected by state pension age equalisation will already be in there 60s so, even if Jeremy Corbyn were to get the keys to Number Ten the extent to which those most affected would benefit is shrinking all the time". 'Under equalities legislation it is unlikely that this new option could be made available only to women'.
"In addition, there are serious practical problems with allowing people to opt for an early pension which is permanently paid at a lower level than the full state pension".
"For example, if the scheme is to be cost-neutral, they would not be allowed to claim pension credit or other benefits to top up their low income", he explained.
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