IFS: Osborne's pension reform 'presents risk'

There are "risks" associated with Chancellor George Osborne's pension reforms, the Institute for Fiscal Studies director Paul Johnson has said.

His comments come after Mr Osborne announced in his Budget that 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 Johnson told BBC Radio 4's Today programme that it is unknown exactly how the annuities market will react to the changes.

First broadcast on BBC Radio 4's Today programme on Thursday 20 March.