An IFS report explains that most of those who gain from the changes will be well off anyway.
George Osborne announced in his Budget that many savers would be able to do what they liked with their pension pots on reaching the age of 55 and avoid having to buy an annuity, a guaranteed income for life.
The Pensions Minister Steve Webb then said "If people do get a Lamborghini and end up on the state pension...that is their choice."
The IFS research shows that significant numbers will be entirely unaffected by the reforms because they have no relevant pension savings.
Of those currently aged between 55 and 59 just under four-in-ten men and just over two-in-ten women will enjoy greater flexibility.
The vast majority of those are home owners and have significant other assets. They are unlikely to qualify for key benefits such as housing benefit.
The middle range of this group has wealth adding up to £730,000 apiece, including their homes.