The Tories would end the requirement to buy an annuity by age 75 and introduce new rules requiring people to retain enough of their pension pot to ensure they can look after themselves.
The majority of people would still annuitise before 75 but that is no argument to keep the status quo. This change would allow a growing number of people to make more of their pension pots in what could be a long and expensive retirement period.
But the biggest argument in favour of abolishing forced annuitisation is the signal it sends to future savers. The current rules act as a disincentive to save, with people concerned about losing control of the assets they accumulate.
Individuals can already move into Asp as an alternative to annuitisation but this route is not well understood and comes with a punitive tax rate of 82 per cent on death.
If the Tories get into power, they must strive to achieve the pension simplification that the current administration promised us but failed to deliver. Scrapping forced annuitisation would be a great start.