Wild newspaper headlines about pension holders using the freedoms to splash out on Lamborghinis have helped Financial Planners steer their clients away from rash and damaging decisions.

That is the view of Sandy Robertson CFPTM Chartered FCSI, director of Accredited Financial Planning firm Acumen, based in Aberdeen.

Nearly a year on from the pension freedoms being introduced, planners reported that initial speculation that people would splash out on frivolous purchases have been wide of the mark.

Mr Robertson said: “Thankfully we have not been asked to oversee capital destruction on this scale, and if we had been asked, we would have declined.  The Lamborghini story has been useful, because people remember the headlines, and we use it as an extreme example of how taxation can bite the unwary or ill advised.”

While no extravagant motors tales have emerged at Yorkshire firm Lifetime, Steve Lambarth, its pension specialist, revealed one newly single client wanted to spend £30,000 on new teeth implants. Most clients have been conservative though, he said, with a significant number looking to access tax free cash to pay off mortgage and loan debt.

Martin Bamford CFPTM Chartered MCSI, managing director of Informed Choice in Surrey said: “We have had a few clients make pension withdrawals to go on exciting holidays or help their children get onto the property ladder, but no supercar purchases yet.”

Keith Churchouse CFPTM Chartered MCSI, director of Chapters Financial in Surrey, said: “The media endeavoured to whip up a frenzy in the approach to April 2015 and on launch, the rush to grab cash to race down to the Lamborghini garage did not happen.”

Mike Morrison, AJ Bell’s head of platform technical, said: “Surprisingly, I have heard very few strange spending projects – the good news is most people worry more about the tax consequences of accessing their pension fund. There have been suggestions of the odd car, a tongue in cheek mention of a Thai Bride that made me smile and a few cruises but that is about it.”

One adviser told him a client wanted a net £250,000 to buy a flat for his son at university but took out a mortgage to buy the property because the tax bill was too high.