Pensions Bill

Why did the Minister in another place, Steve Webb, argue that one of the reasons for doing this was because the deferred pension, even at the proposed rate of 5.4%, was financially much more attractive to people and a much better buy, and therefore he was helping to protect would-be savers from themselves? If it is a better buy for the individuals receiving it, why does it therefore cost the Government money to keep the less expensive option going?