'The tax rules around pensions are a manifestation of a patronising view that pensioners can't be trusted with their own pension pots. I reject that.' So quipped George Osborne as he delivered his budget on 19 March 2014, bringing into effect the changes now widely referred to as the 'pension freedoms'.

Keen to reorder the British understanding of what a pension is and what it actually means to save into one, he told the House of Commons: 'We will legislate to remove all remaining tax restrictions on how pensioners have access to their pension pots. Let me be clear. No one will have to buy an annuity.'

One year...

To continue reading

This article is part of our subscription-based access. Please pick one of the options below to continue.

Already registered? Login to access premium content

Not registered? Subscribe