Objection 1. It seems that Baptism should take away the penalties of sin that belong to this life. For as the Apostle says (Romans 5:15), the gift of Christ is farther-reaching than the sin of Adam. But through Adam's sin, as the Apostle says (Romans 5:12), "death entered into this world," and, consequently, all the other penalties of the present life. Much more, therefore, should man be freed from the penalties of the present life, by the gift of Christ which is received in Baptism.
Objection 2. Further, Baptism takes away the guilt of both original and actual sin. Now it takes away the guilt of actual sin in such a way as to free man from all debt of punishment resulting therefrom. Therefore it also frees man from the penalties of the present life, which are a punishment of original sin.
Objection 3. Further, if the cause be removed, the effect is removed. But the cause of these penalties is original sin, which is taken away by Baptism. Therefore such like penalties should not remain.
On the contrary, on Romans 6:6, "that the body of sin may be destroyed," a gloss says: "The effect of Baptism is that the old man is crucified, and the body of sin destroyed, not as though the living flesh of man were delivered by the destruction of that concupiscence with which it has been bespattered from its birth; but that it may not hurt him, when dead, though it was in him when he was born." Therefore for the same reason neither are the other penalties taken away by Baptism.
I answer that, Baptism has the power to take away the penalties of the present life yet it does not take them away during the present life, but by its power they will be taken away from the just in the resurrection when "this mortal hath put on immortality" (1 Corinthians 15:54). And this is reasonable. First, because, by Baptism, man is incorporated in Christ, and is made His member, as stated above (3; 68, 5). Consequently it is fitting that what takes place in the Head should take place also in the member incorporated. Now, from the very beginning of His conception Christ was "full of grace and truth," yet He had a passible body, which through His Passion and death was raised up to a life of glory. Wherefore a Christian receives grace in Baptism, as to his soul; but he retains a passible body, so that he may suffer for Christ therein: yet at length he will be raised up to a life of impassibility. Hence the Apostle says (Romans 8:11): "He that raised up Jesus Christ from the dead, shall quicken also our [Vulgate: 'your'] mortal bodies, because of His Spirit that dwelleth in us [Vulgate: 'you']": and further on in the same chapter (Romans 8:17): "Heirs indeed of God, and joint heirs with Christ: yet so, if we suffer with Him, that we may be also glorified with Him."
Secondly, this is suitable for our spiritual training: namely, in order that, by fighting against concupiscence and other defects to which he is subject, man may receive the crown of victory. Wherefore on Romans 6:6, "that the body of sin may be destroyed," a gloss says: "If a man after Baptism live in the flesh, he has concupiscence to fight against, and to conquer by God's help." In sign of which it is written (Judges 3:1-2): "These are the nations which the Lord left, that by them He might instruct Israel... that afterwards their children might learn to fight with their enemies, and to be trained up to war."
Thirdly, this was suitable, lest men might seek to be baptized for the sake of impassibility in the present life, and not for the sake of the glory of life eternal. Wherefore the Apostle says (1 Corinthians 15:19): "If in this life only we have hope in Christ, we are of all men most miserable."
Reply to Objection 1. As a gloss says on Romans 6:6, "that we may serve sin no longer--Like a man who, having captured a redoubtable enemy, slays him not forthwith, but suffers him to live for a little time in shame and suffering; so did Christ first of all fetter our punishment, but at a future time He will destroy it."
Reply to Objection 2. As the gloss says on the same passage (cf. ad 1), "the punishment of sin is twofold, the punishment of hell, and temporal punishment. Christ entirely abolished the punishment of hell, so that those who are baptized and truly repent, should not be subject to it. He did not, however, altogether abolish temporal punishment yet awhile; for hunger, thirst, and death still remain. But He overthrew its kingdom and power" in the sense that man should no longer be in fear of them: "and at length He will altogether exterminate it at the last day."
Reply to Objection 3. As we stated in I-II, 81, 1; I-II, 82, 1, ad 2 original sin spread in this way, that at first the person infected the nature, and afterwards the nature infected the person. Whereas Christ in reverse order at first repairs what regards the person, and afterwards will simultaneously repair what pertains to the nature in all men. Consequently by Baptism He takes away from man forthwith the guilt of original sin and the punishment of being deprived of the heavenly vision. But the penalties of the present life, such as death, hunger, thirst, and the like, pertain to the nature, from the principles of which they arise, inasmuch as it is deprived of original justice. Therefore these defects will not be taken away until the ultimate restoration of nature through the glorious resurrection.
Source: Summa Theologica (New Advent)