Ed Balls fears pensioners could 'run out of money'

Shadow Chancellor Ed Balls says he wants to scrutinise George Osborne's plans to overhaul pensions to ensure that the "choice and flexibility" do not result in people "running out of money" or avoiding tax.

The changes that mean from 2015, pensioners will have the freedom to cash in as much or as little of their pension pot as they want, removing the need to buy an annuity.

Mr Osborne said his Budget would reward "makers, doers and savers" - but Mr Balls told BBC Breakfast: "Actually savings are falling in our economy, this year, next year, the year after, they halve by 2018. This is not really an economy that's supporting savings at all."