The Adam Smith Institute's Head of Policy, Ben Southwood, was quoted in The Herald, explaining the benefits of the new pension reforms that will come into effect next year.

The reforms come into force next spring and some pension experts fear a "retirement income car crash" as pensioners rush to spend their cash. But Ben Southwood, head of policy at the Adam Smith Institute, said: "Why would people have saved up over such a long time only to blow it all? If we trust people to spend their salary we should trust them to spend their savings."

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