So yesterday the new rules on pensions came into effect whereby those over 55 have full access to their defined contribution pension pot, to do what they please with. Including, "going on the holiday of a lifetime", or investing in [insert name] pyramid scheme. So the "scandal" hasn't actually happened yet, but I'm having serious trouble understanding how this isn't going to turn into fiasco. It's only a matter of months before we start hearing stories about John and Helen's pension going up in smoke, and they're now saddled with a large house they can't maintain, and 30+ years of retirement to dwell on how stupid they've been. I understand why giving people access to their own hard earned savings is a very attractive idea. I also understand why forcing people to buy an annuity from a pension provider is so abhorrent. But the whole ethos behind a pension is it's safe and secure, and these new rules seem to turn them into nothing but a savings account with perks. I'm also aware of the myriad of unscrupulous schemes that have been setup to relive pensioners of there money since the announcement was made last year. You've average over 55 "investor" doesn't stand a chance. Anyone else have serious reservations. I will be mighty peeved if this comes back to bite the tax payer. Would it not have been much better just to reform the pension industry so pensioners could get a better deal when they buy an annuity.