If you’re travelling around the UK or abroad, what discounts can you get as a pensioner?
Bus, train and underground discounts are available, and you may be able to get cheaper entry to museums and attractions.
If you’re considering a trip in the UK or going further afield, it’s worth knowing what discounts you may be entitled to if you’re retired. You can save money on rail fares, bus fares and – often – on entry to museums and other attractions as well.
The limit on the amount of income you can drawdown (take from your pension) has increased
If you choose to leave your pension invested, you can take more income from it. But should you?
Most people who retire with a pension that’s not linked to their salary, turn the lump sum of money into a regular income by buying an annuity. But some people (those with a larger pension pot) may have the option of keeping their pension fund invested and taking out money from it directly, which is called 'income drawdown'. There are strict limits on how much you can take from your pension fund every year, and last week those limits increased.
People who retire will get a better deal when they buy an annuity - under a new code
Make sure you understand how the shopping around code will help you get the maximum pension income.
Every year hundreds of thousands of people miss out on money in their retirement. Why? Because they buy an annuity (which generates a retirement income from a pension pot) from the company they’ve saved with, rather than shopping around. Figures show that more than half (55%) don’t shop around, either because they don’t know they can or they don’t know how to. A new code taking effect from today should help.