While 80% of aged Brits aged 55 – 75 years are unlikely to touch their pension pot, following pension reforms which came into effect on 6th April 2015, those who say they will dip into their pensions, the majority will spend it on a holiday of a lifetime, or spend more than usual on a holiday according to research by the Association of British Travel Agents.
Debbie Marshall, Managing Director of Silver Travel Advisor (www.silvertraveladvisor.com), the travel review and advice site for the over 50s, said "Pension reforms are unlikely to result in a flurry of pensioners with a suntan and an empty bank account however, research shows that hundreds of thousands of pensioners may consider dipping into their pensions to see more of the world.
More and more mature travellers go further and more often than any other generation before them. Reviews on www.silvertraveladvisor.com include travel reports from all corners of the globe, written by back-packing and gap-year pensioners, single older travellers or empty nesting couples visiting places that were often inaccessible in their youth, or when time, family commitments and money prohibited more adventurous travel."
According to ABTA's research, cruise holidays top the list of the most likely trips that globe-trotting pensioners will spend their `windfalls' on, while for land based holidays Europe was cited as being the most popular destination, followed by North America, Australasia, Asia, Africa and South America.
Francis Torrilla, managing director of CV Villas said “In recent years we've seen a marked trend in families of two or more generations travelling together. The ability for older people to withdraw funds from their pensions will enable more families to do this, benefitting from time spent with their loved ones in locations they might have only dreamed of before.”
Ted Wake, Joint MD for Kirker Holidays said “Retirement is exactly the time when people have more time and money to travel. The opportunity to release funds might mean a trip on the luxury Orient Express train for a short break to Venice, or perhaps an opportunity to upgrade to a stylish 5 star Deluxe hotel to celebrate a birthday or anniversary. Life is too short to compromise and increasingly we have noticed that there is a real sense that if our clients don't travel Club Class then their children will!”
Veteran TV travel presenter John Carter said "When I was presenting TV's `Wish You Were Here', the majority of British travellers were heading off to Benidorm, Yugoslavia or France. The world has changed enormously both politically and in terms of ease of travel. There's a travel gap that older people want to fill, not least as they see their children and grand-children travelling the world, and the pension reforms now present a wonderful chance for them to do so."
Debbie Marshall concluded "Many older people have worked hard for their retirement and what better way to enjoy later life than with memories of travels in the company of friends or partners, or to still be travelling well into retirement, as many of our members are doing"
