The Government has confirmed a change to pension rules which will mean people have to work an extra two years.
the Normal Minimum Pension Age (NMPA) is to be increased from 55 to 57.
The NMPA is the youngest you are allowed to take money out of a private pension fund without tax penalties, reports The Mirror.
Economic Secretary to the Treasury John Glen confirmed the plans this week, and they will come into force on April 6, 2028.
There are some people where the 57 cut-off age will not apply.
Members of the police, firefighters and the armed services automatically have protected pension ages.
NMPA penalties also do not apply if you are seriously ill.
If you access your pension before 55 now, or 57 from 2038, you would normally face a big tax bill.
The size of this varies between pension firms.
But most will let you take your private pension before 55 without this tax bill if you are very ill or have life expectancy of less than a year.
The state pension age is unaffected - currently 66 for both men and women.
Association of British Insurers director of long-term savings and protection Yvonne Braun said: "The changes stop scammers from exploiting uncertainty, and also prevent market distortions as there are now no incentives to transfer purely to access a pension at age 55.
“However, most savers have more than one pension pot and millions will now have a mix, with some pots they can access at age 55, and others where they need to wait to 57 making it harder to plan for retirement.
"It is vital that government and the pension sector work together closely to ensure that customers are clear about their private pension position and when they can access their money.”
