Pensions & Benefits Archives - Pounds and Sense https://www.poundsandsense.com/category/pensions-benefits/ A UK blog covering personal finance and much more from an over-60 perspective Wed, 18 Mar 2026 10:03:15 +0000 en-GB hourly 1 https://wordpress.org/?v=6.9.4 https://www.poundsandsense.com/wp-content/uploads/2016/11/coffeespecs-150x150.png Pensions & Benefits Archives - Pounds and Sense https://www.poundsandsense.com/category/pensions-benefits/ 32 32 What Is an Annuity – and Who Should Consider Buying One? https://www.poundsandsense.com/what-is-an-annuity-and-who-should-consider-buying-one/?utm_source=rss&utm_medium=rss&utm_campaign=what-is-an-annuity-and-who-should-consider-buying-one https://www.poundsandsense.com/what-is-an-annuity-and-who-should-consider-buying-one/#comments Wed, 18 Mar 2026 10:00:55 +0000 https://www.poundsandsense.com/?p=14410 If you’re approaching retirement (or have retired already), you’ve probably come across the term annuity. For some people it represents security and peace of mind. For others it feels restrictive and poor value. So what exactly is an annuity – and who should consider buying one? Let’s take a closer look. What Is an Annuity? […]

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]]> https://www.poundsandsense.com/what-is-an-annuity-and-who-should-consider-buying-one/feed/ 2 Should You Take a Tax-Free Lump Sum from Your Pension Now? https://www.poundsandsense.com/should-you-take-a-tax-free-lump-sum-from-your-pension-now/?utm_source=rss&utm_medium=rss&utm_campaign=should-you-take-a-tax-free-lump-sum-from-your-pension-now https://www.poundsandsense.com/should-you-take-a-tax-free-lump-sum-from-your-pension-now/#respond Tue, 11 Nov 2025 10:41:37 +0000 https://www.poundsandsense.com/?p=12654 As speculation mounts ahead of Rachel Reeves’ upcoming budget on 26 November 2025, many UK retirees and those approaching retirement are wondering if now is the right time to take a tax-free lump sum from their pension. Already it appears growing numbers have been doing just that in anticipation of a possible tightening of the […]

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]]> https://www.poundsandsense.com/should-you-take-a-tax-free-lump-sum-from-your-pension-now/feed/ 0 Winter Fuel Payment 2025/26 – What Pensioners Need to Know https://www.poundsandsense.com/winter-fuel-payment-2025-26-what-pensioners-need-to-know/?utm_source=rss&utm_medium=rss&utm_campaign=winter-fuel-payment-2025-26-what-pensioners-need-to-know https://www.poundsandsense.com/winter-fuel-payment-2025-26-what-pensioners-need-to-know/#respond Sat, 25 Oct 2025 10:17:59 +0000 https://www.poundsandsense.com/?p=13905 As you doubtless know, one of the first acts of the new Labour government last year was to scrap the Winter Fuel Payment (WFP) for all but the very poorest pensioners (those eligible for pension credit). Such was the outcry they had to backtrack and most pensioners will now receive WFP this winter – but […]

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]]> https://www.poundsandsense.com/winter-fuel-payment-2025-26-what-pensioners-need-to-know/feed/ 0 Annuity or Drawdown? Weighing Up Your Pension Income Options After 50 https://www.poundsandsense.com/annuity-or-drawdown-weighing-up-your-pension-income-options-after-50/?utm_source=rss&utm_medium=rss&utm_campaign=annuity-or-drawdown-weighing-up-your-pension-income-options-after-50 https://www.poundsandsense.com/annuity-or-drawdown-weighing-up-your-pension-income-options-after-50/#respond Thu, 09 Oct 2025 10:18:25 +0000 https://www.poundsandsense.com/?p=13874 As you approach retirement, one of the biggest financial decisions you’ll face is how to turn your pension savings into a reliable income. Two of the main options are buying an annuity or using a pension drawdown strategy. Both approaches have pros and cons, and which is right for you will depend on your circumstances, […]

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]]> https://www.poundsandsense.com/annuity-or-drawdown-weighing-up-your-pension-income-options-after-50/feed/ 0 Is Private Health Insurance Worthwhile for Over-50s? https://www.poundsandsense.com/is-private-health-insurance-worthwhile-for-over-50s/?utm_source=rss&utm_medium=rss&utm_campaign=is-private-health-insurance-worthwhile-for-over-50s https://www.poundsandsense.com/is-private-health-insurance-worthwhile-for-over-50s/#respond Tue, 29 Jul 2025 10:54:51 +0000 https://www.poundsandsense.com/?p=13653 As we get older, our health needs inevitably become more complex – and that’s when many of us (me included) start to wonder: Is private health insurance worthwhile? In the UK, we’re fortunate to have the NHS, which offers free healthcare at the point of delivery to everyone. But with increasing waiting times and growing […]

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]]> https://www.poundsandsense.com/is-private-health-insurance-worthwhile-for-over-50s/feed/ 0 How Social Tariffs Can Help You Save on Household Bills https://www.poundsandsense.com/how-social-tariffs-can-help-you-save-on-household-bills/?utm_source=rss&utm_medium=rss&utm_campaign=how-social-tariffs-can-help-you-save-on-household-bills https://www.poundsandsense.com/how-social-tariffs-can-help-you-save-on-household-bills/#respond Mon, 30 Jun 2025 09:39:12 +0000 https://www.poundsandsense.com/?p=13541 With the cost of living continuing to put pressure on household finances, many people in the UK are unaware they could be paying less for essential services like broadband, water and energy. If you’re on a low income or receiving certain benefits, you may be eligible for social tariffs – discounted rates offered by providers […]

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]]> https://www.poundsandsense.com/how-social-tariffs-can-help-you-save-on-household-bills/feed/ 0 Where to Get Pension Advice https://www.poundsandsense.com/where-to-get-pension-advice/?utm_source=rss&utm_medium=rss&utm_campaign=where-to-get-pension-advice https://www.poundsandsense.com/where-to-get-pension-advice/#respond Fri, 16 May 2025 11:25:06 +0000 https://www.poundsandsense.com/?p=13365 Whether you’re just starting, mid-career, or approaching retirement age, getting the right pension advice is crucial to ensure a secure and comfortable future. Fortunately, there are many places in the UK (both free and paid) that offer pension guidance and tailored advice. In this blog post, we’ll explore reasons why you need pension advice, the […]

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]]> https://www.poundsandsense.com/where-to-get-pension-advice/feed/ 0 Why UK Retirees Shouldn’t Panic Over Trump’s Tariffs and Market Wobbles https://www.poundsandsense.com/why-uk-retirees-shouldnt-panic-over-trumps-tariffs-and-market-wobbles/?utm_source=rss&utm_medium=rss&utm_campaign=why-uk-retirees-shouldnt-panic-over-trumps-tariffs-and-market-wobbles https://www.poundsandsense.com/why-uk-retirees-shouldnt-panic-over-trumps-tariffs-and-market-wobbles/#respond Sat, 19 Apr 2025 09:29:54 +0000 https://www.poundsandsense.com/?p=13263 If you’ve been watching the news lately, you’ll probably have seen headlines about stock markets taking a tumble thanks to a wave of tariffs announced by Donald Trump. It’s enough to make any retiree feel uneasy – especially if your pension is tied to the markets. But before you start panicking or making any big […]

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]]> https://www.poundsandsense.com/why-uk-retirees-shouldnt-panic-over-trumps-tariffs-and-market-wobbles/feed/ 0 From Saving to Spending: The Retirement Mindset Shift https://www.poundsandsense.com/from-saving-to-spending-the-retirement-mindset-shift/?utm_source=rss&utm_medium=rss&utm_campaign=from-saving-to-spending-the-retirement-mindset-shift https://www.poundsandsense.com/from-saving-to-spending-the-retirement-mindset-shift/#comments Sat, 15 Mar 2025 10:48:53 +0000 https://www.poundsandsense.com/?p=13147 Today I’m looking at a subject that may affect many readers of this blog who have recently (or not so recently) retired. It’s certainly a concern that I’ve faced myself (discussed later in the article). For decades, many of us save diligently for retirement, carefully managing our finances to ensure what we hope will be […]

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]]> https://www.poundsandsense.com/from-saving-to-spending-the-retirement-mindset-shift/feed/ 2 Will You Get the Warm Home Discount? https://www.poundsandsense.com/can-you-get-the-warm-home-discount/?utm_source=rss&utm_medium=rss&utm_campaign=can-you-get-the-warm-home-discount https://www.poundsandsense.com/can-you-get-the-warm-home-discount/#comments Wed, 16 Oct 2024 10:33:09 +0000 https://www.poundsandsense.com/?p=2383 Today I am looking at the Warm Home Discount scheme. The 2024/25 version of this has just launched. The WHD scheme provides people on low incomes and/or certain means-tested benefits with a discount of £150 on their electricity bill. This is a one-off payment that will be credited to your electricity account by March 2025. […]

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