People are being encouraged to use their pension pot to splash out on a fine set of dentures or implants, Jeremy Fawcett, head of direct at The Platforum, has warned.
In an advert placed in a London newspaper, dental practice United Smiles Centres highlighted the pension changes as a way of funding implants.
Mr Fawcett said: “Even dentists see our changing sector as an opportunity, according to the advert in a London newspaper, highlighting how the new rules allow you to cash in your pension to pay for dental implants. At last a serious alternative to the Lamborghini.”
With a picture of a pensioner showing off a gleaming set of new teeth next to a smaller picture of life before such a brilliant smile, the advert read: “New pension rules from April 6: Put your money where your mouth is.”
It continued: “New rules that allow you to make your own decisions about what you do with your pension savings have been introduced. What better investment could there be than your own health and well-being?”
In March 2014 pensions minister Steve Webb said it was people’s “choice” to do as they wanted with their pension. Famously he said he was“relaxed” about it, even if that meant buying a new sports car.
He said: “If people do get a Lamborghini, and end up on the state pension, the state is much less concerned about that, and that is their choice.”
Rebecca Aldridge, managing director of Nottingham-based Balance Wealth Planning, said: “It can be seen as opportunistic, but it is marketing off the back of something that is very current – so if anything, I believe it increases awareness of the subject.
“Most people are sensible with their money but if you need dentures or implants, it improves your life and have the money, then why not. Life is for living.”