http://www.bbc.com/news/uk-politics-26649162
From 2015 on, there will be a rule change with state pensions and people will be able to spend them however they want. George Osborne made a comment about how people could spend it on a Lamborghini if they wanted and that it wasn't up to them to decide that. Under the rule change people are guaranteed free advice on how to spend it but will no longer be restricted as to what they can spend it on. Most pension pots aren't even enough for people to be buying things like elaborate sports cars. It is expected that anyone who is over the age of 55 will be able to take out sums of cash form their pension pots do spend or invest how they wish.
There has been a lot of controversy about this new change to the budget, as well as other changes made by Osborne. Conservatives are questioning what will happen once the pension runs out. Who will pick up the tab?
I think that both sides have good points and valuable reasons behind their arguments. But being the capitalist American that I am naturally I would say that there should be little restriction on how people are to spend their pensions. They don't need to be babysat by the government.
I read this article as well and I just dont understand why people are getting so caught up in how other people spend their money. They need to just worry about themselves and if that is not how they want to spend their money then they wont have to... But i can see where they would be frustrated with what happens when the pensions run out that would be upsetting if i was under 55 haha
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