Terminally ill patients would be allowed to access their pension savings before they die, under a change in the law proposed by Preston’s MP.

Mark Hendrick will table legislation before Parliament next month in a bid to help people who are diagnosed with a terminal illness long before they are of retirement age.

He told the Evening Post it is “unfair” that someone aged 40 who is diagnosed with terminal cancer would be prevented from accessing their pension pot.

Many pension schemes allow contributors to take early retirement – but only in their 50s.

The Labour MP said: “There are sadly people who may have put significant amounts of money into a pension scheme, but then have never seen the benefit of it.”

Mr Hendrick, whose campaign is backed by the GMB union, believes the early release of cash could be paid for by using money from the government’s pension protection fund, set up to provide compensation for victims of pension mis-selling.

His 10 minute-rule bill is due to receive its first Commons reading on October 17.