Over-55s to splurge £3bn pension cash on 'cars and kitchens'

Hymans Robertson said the freedoms would result in a spending boom which would see £5bn taken out over the first three months. The Telegraph reports the firm believes £3bn of the £5bn will be spent on luxuries such as new kitchens, conservatories and cars. It said the money would boost the UK’s total spending by 0.6% in 2015. Chris Noon, a partner from the firm, said: “There will be an impact on spending and it will be noticeable.” Adam Boulding, from the insurer Legal & General, told the Telegraph: “For many people, their pension pots will be, perhaps, £20,000 to £40,000. “If they...