The minimum pension age will increase to 55 this year, with those seeking early retirement unable to access their pension funds . Those that had planned to retire on their 50th birthday will face an extra wait of five years to access their pension schemes .

According to the Nottingham Building Society, the changes are likely to have a greater affect on women rather than men. According to the data, more women than men choose a retirement before the age of 55.

The head of Nottingham BS branch network, Lorraine Giddings, reportedly commented: We are only a few months away from the introduction of sweeping reforms on the pensions industry, and very few people, particularly women, are aware of the changes that could impact on them. The pension reforms have the potential to derail the early retirement plans of a lot of women and men, and it's important that everyone knows what the future holds in the short-term so they can plan for the long-term. But it's really important local people act decisively now - not in a few months time. The sooner they seek professional advice, the sooner they will be able to negotiate this potentially problematic time.