Many people aged between 50 and 54 are retiring now ahead of the forthcoming rise in minimum retirement age to 55.

In January this year, the number of people retiring increased by 22 per cent compared with September last year, the study showed.

The group said that the movement was likely to be a result of government plans to increase the minimum retirement age from 50 to 55 on April 6. At present anyone with a personal pension is able to retire at 50 and take their tax-free cash. After April.6, people between 50 and 55 will need to wait for up to five years before they can do the same.