Matthew Rankine: Long-term tax efficiency over lump sums and Lamborghinis

The supercar brand Lamborghini recorded record sales in 2016. Nearly 3,500 people around the world shelled out the cost of a decent semi in Manchester to own one of the cars, which are hand built in Italy from carbon fibre and Viagra. It is safe to assume, however, that relatively few of these purchases were made by 55-year-old Brits determined to blow their entire pension pot on a fast but impractical set of wheels. Nearly two years on from the introduction of pension freedom, Steve Webb's tongue-in-cheek prediction that some retirees would be unable to resist the temptation to swap ...