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Millions of pension savers born between April 6, 1971 and April 5, 1973, have been warned that they could face an unexpected two-year wait to access their pension savings. The Normal Minimum Pension Age (NMPA), the earliest age at which most people can access their defined contribution pension, is set to rise from 55 to 57 on April 6, 2028.

This may include workplace and personal pension schemes and savers have been warned to take action before the change comes into effect. Those born before or on April 5, 1971, won't be affected as they will have already turned 55 by the time the change comes into place.

However, individuals born after April 5, 1973, will have their earliest date for accessing their pension benefits delayed by 2 years.

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Maike Currie, VP Personal Finance at PensionBee, said: "For some savers, this could come as a nasty shock. Many people simply assume they will be able to access their pension at 55, not realising the rules are changing.

"There is a very specific cohort - those born between April 1971 and April 1973 - who face a potential cliff edge. Miss the deadline to access your pension before April 2028 and you could find yourself locked out of your savings for up to two more years.

"That does not mean people should rush to raid their pension. In many cases, leaving savings invested for longer may lead to a healthier retirement pot thanks to a few additional years of extra contributions and investment growth.

"But it does mean people should start planning now. For anyone hoping to retire early, bridge a gap between work and retirement, or phase down working hours in their mid-50s, understanding these dates could be crucial."

There is, however, a transitional issue for people born between 1971 and 1973.

Those who turn 55 between April 6, 2026 and April 5, 2028, will have a limited period in which they can begin accessing their pension before the minimum pension age rises.

If they do not access, or "crystallise", their pension before April 6, 2028, they may have to wait until their 57th birthday to draw on their retirement savings. In some cases, that could mean waiting almost two additional years.

Savers should also be aware that some forms of pension access can trigger the money purchase annual allowance (MPAA). This reduces the amount they can continue paying into a pension tax-efficiently each year.

Tools such as PensionBee's pension calculator can help savers estimate the income their pension might provide in retirement. Users can adjust assumptions, including their planned retirement age, to compare the potential impact of accessing their pension from 55 or 57.