Budget 2014: What Oz can teach us about trusting the public with pensions

As announced at Budget 2014, the government will legislate to remove all remaining tax restrictions on how pensioners access their pension pots. "Retirees", Osborne said, "have been given complete freedom to draw down as much or as little of their pension pot as they want, anytime they want." The announcement sent a shockwave through the at-retirement market, with forecasts of the demise of some providers' business models and a concern about just what the Chancellor meant when he said all retirees would have access to "free, impartial, face-to-face guidance" on their options. One w...