Lloyds TSB Private Banking: Pensioners to travel more

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Lloyds TSB Private Banking: Pensioners to travel more

Tue 7th Feb 2006

Following a change in the rules governing pensions, more retirees will use their money to go travelling, a study conducted by Lloyds TSB Private Banking has suggested.

From April 6th onwards, those with access to pension funds will be able to withdraw 25 per cent of the money available tax free.

They will also be given the option to leave the remaining funds in their pension or use it to facilitate a regular income.

Of all the people between the ages of 45 and 54 surveyed, 35 per cent said that if they had the option they would use the money to travel.

Another 33 per cent of this group said they would use the money to pay off their mortgage, while 18 per cent said they would invest the money in an inheritance trust for their children.

Chief executive of private banking with Lloyds Mark Cheshire said: "The changes to the pension rules will give people much more financial freedom and flexibility."

Lloyds TSB Private Banking has 28 offices nationwide, and claims to offer a service built around the individual customer.

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