And if anyone should know then it would be the Pensions Minister, Ros Altman.

Saving for what may be 30+ years in retirement is a hard enough challenge. But, as with the Lifetime ISA (LISA), you add the option of people taking money out before retirement then this makes the challenge just too difficult.

Pensions benefit from tax relief on contributions made. LISA has a similar benefit in the 25% government contribution.

Pensions have a £40,000 annual savings limit (to retain tax relief), LISA will have a £20,000 limit.

Pensions benefit from an employer contribution, which at minimum will be 2% of your annual salary and can be as high as 20% or even more! LISAs don't have this.

ISAs are not a replacement for pensions, but they should be seen and used as an additional way to build up savings tax efficiently.