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".
The pension changes announced in the Budget yesterday are a risk and based on "highly uncertain assumptions", according to a think tank.
Critics warn the major changes to retirement savings could leave pensioners short if they don't make the right decisions.
The annuity provider welcomed the Chancellor's pensions changes despite the firm's share price dropping 8% after the Budget announcement.