IFS warns there will be losers following pension changes

Respected think-tank the Institute for Fiscal Studies (IFS) has warned there are likely to be losers following changes to pensions announced in Wednesday's Budget.

IFS director Paul Johnson said the reforms were "probably the biggest" he had seen in his lifetime but the new choice could lead to regrets as "people have a tendency to underestimate how long they'll live".

"I think there probably will be some losers from this", he continued, "because those people that want to buy an annuity will have to pay a bit more".