Pensions, fairness and Lamborghinis: Budget changes to the annuities market are a lesson in the fallacies of freedom

The change made to pension schemes in last week’s Budget calls into question the basic definition of what a pension is. True, the current annuities market is highly flawed, yet the new measure not only fails to address the existing problems sufficiently, it also brings about several perverse consequences. Craig Berry argues this is a measure that will fail spectacularly, even on its own terms.