Budget 2014: Steve Webb on pensions and annuity changes

The pension changes announced in the Budget are "a big step forward", said Steve Webb.

The pensions minister said people could spend more money earlier in their retirement, when they could enjoy the money more, or pay off mortgage and debts early.

On the Sunday Politics, he said the principle was right, but there were still a lot of details to be worked out, with consultation over the next three months.

And Andrew Neil asked Mr Webb about his comments on pensioners being free to spend their savings on a Lamborghini car following the rule changes.

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