The minimum private pension age will increase from 55 to 57 in 2028. If you’re in late 40’s or younger, you will now have to wait two years longer before you’ll be able to access your pension.

John Glen, economic secretary to the Treasury, said: ‘In 2014 the government announced it would increase the minimum pension age to 57 from 2028, reflecting trends in longevity and encouraging individuals to remain in work, while also helping to ensure pension savings provide for later life.

‘That announcement set out the timetable for this change well in advance to enable people to make financial plans and will be legislated for in due course.