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Minister Fuels Pension Debate With Lamborghini Comment

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http://www.bbc.co.uk/news/uk-politics-26649162

The government has defended a minister who said pensioners would be free to spend their savings on a Lamborghini following a rule change in the Budget.

From 2015, people reaching retirement age will be able to use pension pots however they want, rather than having to buy a guaranteed annual income.

Pensions minister Steve Webb said it was people's "choice" whether to buy Italian Lamborghini sports cars.

No 10 said people were free to spend money in their own way.

Chancellor George Osborne has dismissed fears newly retired people could "blow" their pension pot.

Mr Webb, a Liberal Democrat, told the BBC's Norman Smith he was "relaxed" about how people spent their money.

He said: "If people do get a Lamborghini, and end up on the state pension, the state is much less concerned about that, and that is their choice."

I thought the state would be concerned as we need them to spend it on buying a house and ramping up property prices to get that GDP escalator going again.

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http://www.bbc.co.uk/news/uk-politics-26649162

I thought the state would be concerned as we need them to spend it on buying a house and ramping up property prices to get that GDP escalator going again.

I was speaking to someone this morning who said he'd heard some radio discussion where people were complaining they'd be under pressure to release lots of their pension funds to "help their children get on the ladder".

Make of that what you will.

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I was speaking to someone this morning who said he'd heard some radio discussion where people were complaining they'd be under pressure to release lots of their pension funds to "help their children get on the ladder".

Make of that what you will.

If that is the case they would already be under pressure to release 25% of their pension under existing rules.

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