The pension reforms that the chancellor announced last year were the rabbit in the 2014 Budget box. George Osborne managed to keep his radical shake-up of the pensions system quiet until he chose to reveal his grand plan during his Budget speech. This year, it is less of a surprise. Extending freedom over annuities was a widely expected move - although it's not without controversy. There are those who argue this freedom will tempt some pensioners to make short-term spending choices, leaving themselves short of an income in later life. But Mr Osborne's view is that those who've worked hard and saved should be able to make their own decisions.

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