David Cameron said giving people freedom with their pensions funds was "the right thing to do" and that this was "the right time to do it".
The Prime Minister told an event in Brighton that he doesn't believe people are "fundamentally irresponsible" or that they will spending all the money they draw down from their pension.
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"People must be aware at all times that there are wild animals around them and they must make sure that their tents are properly closed."
The UK has been stripped of its top credit grade rating by Standard & Poor in the wake of its vote to leave the European Union.
Tonight: Showers will become confined to northern and western Scotland overnight leaving much of the country dry with clear spells.