UK pensioners planning holiday spending sprees

Surveys show that pensioners 'consider’ holidays as UK pension pots are liberated 

ABTA:

MORE than a third of 55-75-year-olds thinking of dipping into their pension pot would consider spending some of it on a holiday or travel, according to research by the Association of British Travel Agents (ABTA).

The findings come amid reports that travel companies are gearing up for over-55s to spend thousands of pounds from their retirement pots on multi-generational cruises and long haul flights as billions of pounds of money tied up is made available under changes to pension regulations affective from April 6.

One in five of those eligible would consider taking cash out of their pension, and a further 15% were undecided, the ABTA poll found.

Taking a holiday was the most popular option for a spending spree, followed by home improvements and paying off existing debts.

Europe was the most popular destination for those planning to spend some money on a holiday, followed by North America, Australasia, Asia, Africa, and South America. 

Fred Olsen Cruise Lines:

UK pensioners are planning holiday spending sprees with more than three quarters of older people in Britain plan to spend up to £10,000 each on a travel experience thanks to windfalls coming from relaxed pension rules, a study by Fred Olsen Cruise Lines shows. A further 20% are prepared to spend up to £20,000 per person.

It is estimated that about 18 million people aged over 55 will have gain access to up to 25% of their pension – tax-free – for the first time from this month (April). A further 320,000 people will become eligible every year.

As much as £6 billion could be spent within the first three months after April, with the main discretionary spend predicted to be on holidays.

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