People are being urged to double check their workplace pensions for fears they could lose out on thousands when they retire.
Money Saving Expert Martin Lewis told Good Morning Britain viewers that a simple and small error could mean they do not get as much money when they leave work.
If you have a contribution pension scheme (DC) - where you and your employer both pay in cash - then you may have your pension age set too early.
Martin Lewis said: "They have a default retirement age and now lots of people are living later. Now as many people have, you have a default investment scheme, you haven't chosen it yourself, it is sort of picked for you.
"What happens is, as you get nearer retirement age it de-risks, it moves you into lower risk funds and away from stocks and shares, which is the right thing to do because, if you happen to retire and the market is on a down and you had all the money in the market, it's a problem.
"But the longer you have got to ride out those waves, the better it tends to be.
"But if your retirement age is set wrong then you move into low risk funds too early, because generally it is set too early."
This would mean that you lose out on having a potentially larger pension pot, which due to the markets, is very difficult to quantify how much money you could actually be missing out on.
So Martin said: "Go to your scheme and check what your retirement age is, and if it’s wrong, change it. It's as simple as that.
"Millions could be affected and could potentially lose out on thousands of pounds because they have the wrong retirement age."
*Good Morning Britain is on ITV1 every morning from 6am
