A decade on: Risks and challenges of freedom and choice

Arguably, the most significant thing that George Osborne did for pensions during his lengthy tenure as chancellor of the exchequer was his declaration in the 2014 Budget speech: "Let me be clear: No one will have to buy an annuity." The full set of reforms came into effect in April 2015, giving defined contribution (DC) pension savers at retirement an un-restricted choice between income drawdown, annuity or cash. This landmark reform is usually referred to as ‘Freedom and Choice in Pensions'. That title was also conjured up by George Osborne, as it was the headline-grabbing name given...