![Pensioners plunged into debt after the annuity betrayal](http://web.archive.org./web/20170120093146im_/http://i.dailymail.co.uk/i/pix/2017/01/17/20/3C36D7E700000578-0-image-a-44_1484684782821.jpg)
In March 2015, former Chancellor George Osborne promised five million retirees who have already taken their pensions that they would be allowed to swap their paltry monthly payouts for a lump sum. But, in October last year, the Treasury reneged on its promise. Retirees would not be able to access their pension after all - and some have already spent money they thought they would get.