Warning over 'burden' of reformed pensions

People should be trusted not to spend their entire pension pot on retirement, the Pensions Minister has told ITV News' Deputy Political Editor, Chris Ship.

Steve Webb there were "good tax reasons for not blowing the lot", but added it should be down to people's "free choice".

Read: Warning over 'burden' of reformed pensions

The government's pension reforms will force annuity providers to "up their game", meaning "good news for consumers", Pensions Minister Steve Webb says.

Some providers' share prices tumbled following the announcement of the measures, but Mr Webb told ITV News' Deputy Political Editor that such big announcements require confidentiality.

Read: Pensions reform 'the right thing to do'

George Osborne has dismissed claims that his Budget was aimed at the "grey vote" following headline measure that appealed directly to pensioners.

In an interview on Daybreak, the chancellor said measures for savers are for people of all ages "thinking about their future".

Pensions providers and insurers have taken a hammering on the stock market as investors counted the cost of George Osborne's "Budget for savers".

In a session when the FTSE 100 Index ended 32.2 points lower at 6,573.1:

• Legal & General dropped 19.3p, or 8%, to 211.2p
• Aviva fell 26.6p, or 5%, to 490.4p
• Standard Life declined 11.4p, or 3%, to 354p.
• Prudential slid 29p, or 2%, to 1,339.5p

Meanwhile on the FTSE 250, Partnership Assurance, which provides enhanced annuities for people with lower life expectancies, lost more than half its value, plummeting 176.2p, or 55%, to 143p.

Nigel Green, chief executive of one of the world's largest independent financial consultancies, has slammed George Osborne's decision to lift pensions access restrictions, calling it "dangerous," "short sighted" and "ill-conceived".

Mr Green of the deVere Group said after the Budget announcement:

ITV News Business Editor Joel Hills tweeted:

Read: Chancellor announces private pensions revolution