Steve Webb says government doesn't intellect whether wealthy people near retirement blow savings on sports cars,in budget defenceAffluent people approaching retirement should be free to blow their pension pot on a Lamborghini even whether they end up relying on the state for support, a minister said on Thursday as the government defended its far-reaching loosening of the rules on annuities in the budget.
As the Institute for Fiscal Studies warned that there would be losers from the wobble, and announced by George Osborne on Wednesday,the Lib Dem pensions minister, Steve Webb, and said the government was "less bothered" about how people spent their pension pot.
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Source: theguardian.com