Pensions minister Steve Webb has told the Western Daily Press exactly why he is so relaxed about the idea of people using their pension pot to buy a Lamborghini.
On the day London Mayor Boris Johnson admitted he was so excited by Mr Webb's comments that he stood on his chair to cheer the Liberal Democrat MP for Thornbury & Yate, Mr Webb has explained why he believes people should have the choice.
Mr Webb made his Lamborghini comment after Chancellor George Osborne came under fire for major changes in the Budget which allow people to cash in their pensions rather than buy annuities.
The move appears to have turned around Tory fortunes with opinion polls showing it has delivered the Conservatives a massive electoral boost. Yesterday Mr Johnson rushed to defend Mr Webb from critics who said people would squander their savings and be left with no money for their old age.
"He is making a moral point, that when people reach a pensionable age they should be allowed to run their own lives, and not be treated like children," said Mr Johnson.
"There may indeed be some foolish old people who end up living in a rusting and motionless Lamborghini eating dog food," said Mr Johnson in a column praising the West MP, "but it is up to them".
He added: "As I am sure Steve Webb meant to imply, the Lamborghini option is not going to be for everyone – not when the average pension pot is £25,000.
"But the point is that it is their look-out; it is their savings; it is up to them to decide what to do with it."
Pensions are now predicted to be a possible election winner with hundreds of thousands of over 50s expected to use their pension pots to help their children climb on the property ladder.
Mr Webb said the changes are "a big step forward" and would allow people to spend more money earlier in their retirement, when they could enjoy it, or pay off their mortgage and debts early.