Before 2015, pensioners were obliged to buy an annuity at retirement, which guaranteed they would receive an income for life, no matter how long they lived. Former chancellor George Osborne scrapped that obligation, allowing retirees people to start using their pension as a cash machine from the age of 55.

Everybody thought it was a great idea. Osborne was praised for putting people in charge of their pension pots.

And to be fair, annuities offered lousy value at the time, as interest rates…