I was pensions minister when George Osborne’s 2014 Budget sent shockwaves through the retirement industry. Before the pension freedom changes, most people who retired with a “pot of money” style pension had just one option. They had to hand it over to an insurance company in return for an income for life known as an “annuity”. Those with tiny pots could cash them out, and those with large pots had limited flexibility, but for most people there was only one destination. The problem was that you were getting very little income for your pension cash. Following the financial crash, interest rates and annuity rates plunged. In early 2008, someone with a £100,000 pension pot at retirement would have been offered around £7,700 per year by an insurance company. By April 2015, the annuity on offer had slumped to around £5,500. The system was also very inflexible. Whilst there’s nothing wrong with an income for life if that’s what you want, everyone is different. For example, you might be part of a couple with two good state pensions and a company pension as well, so extra secure income might not be a priority. The revolution in the 2014 Budget was, to...