The biggest pension reforms in a century have been met with confusion as customers as young as 23 try to cash in their retirement savings . Pension firms said Britons remained baffled about how the radical changes worked , with many unaware of age restrictions or tax implications . Since Monday , over-55s have been able to withdraw all or part of their pension pots instead of being forced to buy a regular pension income for life , known as an annuity . And yesterday , the first people to cash in their pots began to receive their money . Scroll down for video . Since Monday , over-55s have been able to withdraw all or part of their pension pots instead of being forced to buy a regular pension income for life , known as an annuity . The Government had said that everyone over the age of 55 who wanted to take part in the new pension freedoms would be given a free half-hour session of guidance but just 300 advisers are available ( file picture ) But one major provider reported that customers in their 20s had been calling up to withdraw their retirement savings – unaware they were three decades too young . Others were unaware they faced a hefty tax bill if they removed all their cash at once . The confusion was not helped by a decision to pull the plug on television adverts promoting the Government 's pensions helpline . The Treasury said that , ahead of the election , it had switched to a 'low level ' advertising campaign for its Pension Wise guidance service and dropped its television adverts for almost two months . 'Purdah ' rules bar Government advertising campaigns before a general election so that it does not promote the cause of a certain political party . But experts said barring TV adverts which raise awareness of the pension changes would punish consumers , some of whom were already confused by the changes . Experts fear pensioners could be vulnerable if they do not receive proper advice regarding pension plans now that over-55s can cash in their pensions and spend them instead of being forced to buy an annuity ( file image ) David Trenner , of Intelligent Pensions , said it was 'crazy to stop advertising Pension Wise under Purdah rules ' , while Catriona Standingford , who runs a financial training firm , asked on Twitter : Should n't the consumer/taxpayer come first ? . ' The Treasury said the service will only be advertised through print and digital advertising for April and most of May . Pensions firm Fidelity Worldwide Investment said it had taken 1,300 calls about the pension freedoms in the last week alone . But several calls a day have been from people under-55 trying to access their cash , including a 23-year-old who mistakenly believed they could 'get hold of their pot now ' . Richard Parkin , of Fidelity , said : 'Misunderstandings exist around when you can access your funds . 'Since the new freedoms were announced , we 've received a steady number of calls from people under the age of 55 who think they can access their funds under the new rules . '
Pension firms said Britons remain baffled about how radical changes work . Over-55s are now able to withdraw all or part of their pension pots . Some customers in their 20s have been trying to withdraw retirement savings , despite being yesterday too young . Others do not know they face hefty tax bill if they remove all cash at once .