The message from George Osborne was clear, and has since been endorsed by business secretary Vince Cable: pension savings belong to the saver, and he or she should be trusted with it.
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 wonders whether policymakers had snuck a glance at the Australian market, where, since 1992, citizens aged 65 have had the freedom to access - and spend - their retirement savings as they wish.
Have they been buying Lamborghinis?
Pension experts in Australia say they haven't.
"Do Australians blow their super pots when they reach retirement? The answer is no they don't," Jeremy Cooper, an Australian lawyer who has chaired a review into the efficiency of the Australian superannuation system, told the Financial Times.
"There will always be an exception of people using very small super pots to pay off their credit card but people with reasonably-sized sums typically don't blow their money. They are sensible."
According to Paul Resnik, co-founder and director of Finametrica, who was also speaking to the FT, "common sense prevails and most people are careful with their money".
"But we also have a second pillar here, the social security system, which is a safety net rather than a right," he added.
However, the newspaper also quotes from a recent report suggesting the freedom Australians have to take their savings as a lump sum was a concern.
"Policy measures must be considered to ensure superannuation savings are being invested to be used to fund a person's retirement", the report by accountancy firm CPA read.
Finametrica's Resnik said: "There's nothing to suggest that Poms are any more stupid than Australians. I can't necessarily see that there'd be any greater danger in letting them have the same access as we do."
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