The most eye-catching measure in Mr Osborne's Budget was a plan that effectively abolishes the requirement for some people to buy an annuity - a retirement income for life.
From next year millions of people reaching retirement age will be able to spend their pension pot in any way they want, including cashing in their pension savings in one, taxed, lump sum. Temporary rules are in place in the meantime.
The committee said that all of the witnesses it heard from welcomed the "greater flexibility and choice" that the reforms proposed.
However, it said the guidance that was being promised ahead of retirement should be clear and at least offer an opportunity of face-to-face help.
The changes are likely to lead to the creation of a variety of new financial products for retirees, and the committee said these must be sold responsibly.
"Following the financial crisis, and the mis-selling scandals, the reputation of the industry is under scrutiny," said Andrew Tyrie, who chairs the committee.
He added that it would be a "great prize" were the tax treatment of pensions and savings treated in the same way.
The chancellor announced an extension to the amount that could be saved in an tax-free Individual Savings Account (Isa) from 1 July 2014 to up to £15,000 either as cash or shares.