Lifetime ISAs let you earn interest or grow money you invest with them tax free, as well as offering a 25% bonus on top of what you put away, if you wait until you're 60 to withdraw the cash.
That makes them one of the best ways to save for your retirement out there, but not a direct replacement for a private or workplace pension.
That's because workplace pensions see your boss top up your savings and can let you pay in from your pre-tax salary - saving you both income tax and national insurance - and are also largely tax-free when it comes to their growth.
Private pensions don't benefit from top ups from your boss, but still offer a 20% bonus to make up for income tax (even if you don't pay it) with people who pay a higher rate of income tax able to claim extra money back too.
But, if you're already paying into a workplace pension, a lifetime ISA has a key advantage over a private pension - you don't pay any tax when you withdraw your cash.
To make up for the tax relief when you pay into them, pensions are taxed like income when you draw money out of them. A lifetime ISA isn't, meaning you can pull as little or as much as you like out of them without losing anything to HMRC.