Are British pensioners really all petrolheads with a secret desire for tyre-burning levels of acceleration? “What if people just blow all their savings on a Lamborghini?” was the first question I used to get asked when I was pensions minister and the Coalition introduced greater freedom for savers to use their pension pots as they saw fit.

I would reply that I was "relaxed" about it - but that was because I knew that the Lamborghini option had a tax handbrake tightly applied to it. Anyone who took their pension out in one lump could find themselves in a higher tax bracket. Savers who decided they could live without a supercar and spread their pension payments evenly through their retirement would pay a lot less tax.