Brits aged 47 and under will not be able to access any of the money they've saved into pensions until they turn 57, it has been confirmed.
Current rules say that people are allowed to withdraw money from their pensions savings at 55.
From 2028 onwards, you'll need to be 57 before you can draw on the money you've been saving for your future.
Today's announcement won't affect when you can claim your state pension.
In a ministerial statement Tory MP John Glen said: "In 2014 the Government announced it would increase the minimum pension age to 57 from 2028, reflecting trends in longevity and encouraging individuals to remain in work, while also helping to ensure pension savings provide for later life.
"That announcement set out the timetable for this change well in advance to enable people to make financial plans and will be legislated for in due course."
But experts are worried that the announcement will cause trouble in years to come, with people expecting to be able to use money denied at the last moment.
Aegon pensions director Steven Cameron said: "It will be particularly impactful on those who were due to reach their 55th birthday just after the cut off, sometime in 2028.
“It’s now imperative that both Government and industry make sure this change is clear to all those saving in pensions.
"We can’t afford a repeat of the Government communication gaps which left many women to find out too late that their state pension age was increasing from 60 to 65.”
How it works now
Under current rules, when you turn 55 you are allowed to spend the money you have in your personal or workplace pension however you like.
The first 25% you take out is also tax-free, letting people clear debts, buy cars or get work done on their home.
In fact, many people make plans around the date, with cash going to clear mortgages for example.
You can withdraw more than 25%, and make as many or as few withdrawals as you like once you're 55, but the money is then taxed the same way as if it was income.
Smaller pension pots of £30,000 or less can be cashed in without tax.
The new rules mean that people aged less than 47 - and quite a lot of 47-year-olds too - and will now not be allowed access to that cash until they are 57.
Given the age people can claim state pensions have risen from 65 to 68 for men and from 60 to 68 for women, it's quite possible that this won't be the last increase either.
