{"id":17010,"date":"2025-05-09T15:23:26","date_gmt":"2025-05-09T15:23:26","guid":{"rendered":"https:\/\/www.brewin.co.uk\/group\/?post_type=rbcwm_news&#038;p=17010"},"modified":"2025-05-09T15:24:03","modified_gmt":"2025-05-09T15:24:03","slug":"retirees-swap-inheritance-for-holidays-following-budget-pension-changes","status":"publish","type":"rbcwm_news","link":"https:\/\/www.brewin.co.uk\/group\/media\/news-and-comments\/2025-05\/retirees-swap-inheritance-for-holidays-following-budget-pension-changes","title":{"rendered":"Retirees swap inheritance for holidays following Budget pension changes"},"content":{"rendered":"\n<ul class=\"wp-block-list\">\n<li><em>Over 56% of survey respondents plan to spend more of their pension<\/em><\/li>\n\n\n\n<li><em>Around 75% plan to do so on holidays, tying in with long-haul bookings data<\/em><\/li>\n\n\n\n<li><em>Majority plan to take financial advice, but substantial minority don\u2019t<\/em><\/li>\n<\/ul>\n\n\n\n<p>More than half of people approaching or already in retirement with significant savings plan to spend their pension, rather than pass it down to family members following the proposed changes announced in the Autumn Budget 2024 bringing pensions in to scope of inheritance tax, according to new research from RBC Brewin Dolphin.<\/p>\n\n\n\n<p>The wealth manager\u2019s survey of people aged 45-years-old and over with pension pots of at least \u00a3300,000 found that 56% of respondents now intend to spend more of their pension following the announcements made in the Autumn 2024 Budget. Another 17% were unsure, while the remaining 27% don\u2019t intend to change their plans.<\/p>\n\n\n\n<p><strong>Figure 1: Do you intend to spend more of your pension, rather than passing it down?<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"614\" width=\"1024\" src=\"https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-1-using-pension-vs-passing-it-down.png?w=1024\" alt=\"Pie chart illustrating people aged 45 years and above whether they intend to spend more of their pension versus passing it down\" class=\"wp-image-17011\" srcset=\"https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-1-using-pension-vs-passing-it-down.png 1650w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-1-using-pension-vs-passing-it-down.png?resize=300,180 300w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-1-using-pension-vs-passing-it-down.png?resize=768,461 768w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-1-using-pension-vs-passing-it-down.png?resize=1024,614 1024w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-1-using-pension-vs-passing-it-down.png?resize=1536,922 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Source: Findoutnow, RBC Brewin Dolphin<\/em><\/p>\n\n\n\n<p>When asked what they now plan to spend their pension pot on, the vast majority of those surveyed, 75%, said they intend to go on more holidays. The finding coincides with the recent surge in bookings for long-haul holidays reported by a number of travel companies, including Kuoni which last month said they were 14% higher than at the same point in 2024<a href=\"#_ftn1\" id=\"_ftnref1\">[1]<\/a>.<\/p>\n\n\n\n<p><strong>Figure 2: What are you planning to spend more of your pension on?<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"535\" width=\"1024\" src=\"https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-2-where-you-plan-to-spend-more-of-your-pension.png?w=1024\" alt=\"bar chart of what people aged 45 and above plan to spend their pension on\" class=\"wp-image-17014\" srcset=\"https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-2-where-you-plan-to-spend-more-of-your-pension.png 1895w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-2-where-you-plan-to-spend-more-of-your-pension.png?resize=300,157 300w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-2-where-you-plan-to-spend-more-of-your-pension.png?resize=768,401 768w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-2-where-you-plan-to-spend-more-of-your-pension.png?resize=1024,535 1024w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-2-where-you-plan-to-spend-more-of-your-pension.png?resize=1536,802 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Source: Findoutnow, RBC Brewin Dolphin<\/em><\/p>\n\n\n\n<p>Another 40% said they planned to have more experiences with family members and a similar share (39%) said they intend to gift more to their family. Paying off mortgages or other remaining debts was the priority for 10%, while 11% were unsure what they would spend the money on.<\/p>\n\n\n\n<p>Among the top \u2018other\u2019 answers were purchasing a new house, making home improvements, and buying a new car.<\/p>\n\n\n\n<p>It is important to remember that the changes will not take effect until 6 April 2027 and that the government\u2019s initial consultation on the proposed changes has only recently closed so it is advisable to wait for the detailed legislation before making any significant decisions on spending.<\/p>\n\n\n\n<p>Encouragingly, the majority of respondents either have or intend to take financial advice about how increased spending from their pension pots will affect their retirement. However, a substantial minority, 40%, don\u2019t plan on doing so.<\/p>\n\n\n\n<p><strong>Figure 3: Will you take financial advice about how this will affect your retirement?<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" height=\"614\" width=\"1024\" src=\"https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/Figure-3-taking-financial-advice-about-retirement-impact.png?w=1024\" alt=\"Figure 3: Will you take financial advice about how this will affect your retirement\" class=\"wp-image-17017\" srcset=\"https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/Figure-3-taking-financial-advice-about-retirement-impact.png 1650w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/Figure-3-taking-financial-advice-about-retirement-impact.png?resize=300,180 300w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/Figure-3-taking-financial-advice-about-retirement-impact.png?resize=768,461 768w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/Figure-3-taking-financial-advice-about-retirement-impact.png?resize=1024,614 1024w, https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/Figure-3-taking-financial-advice-about-retirement-impact.png?resize=1536,922 1536w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p><em>Source: Findoutnow, RBC Brewin Dolphin<\/em><\/p>\n\n\n\n<p><strong>Daniel Hough, financial planner at RBC Brewin Dolphin, said<\/strong>: \u201cThe results of our survey back up what we have experienced in terms of enquiries since October\u2019s Budget. Retirees and people approaching retirement are increasingly looking to spend more of their pension, rather than risk a big portion of it being lost to inheritance tax when they pass away.<\/p>\n\n\n\n<p>\u201cWe have seen clients wanting to spend more of their retirement savings on experiences, like travel, and having an amazing time with their families. The fact that the vast majority of respondents are planning to spend more on holidays is unsurprising \u2013 we\u2019ve seen a number of cases where parents or grandparents have decided to pay to take the whole family away on five-figure trips so that they can experience something special.<\/p>\n\n\n\n<p>\u201cThere is, of course, nothing wrong with wanting to live as full a life as possible and spend money on your family so that they remember having an incredible time with you. But, there are also inevitably risks in doing too much of that. People need to be very careful not to go overboard and leave themselves short for the remainder of their retirement. \u201cWhile it\u2019s encouraging that the majority of wealthier people have or intend to take advice, the survey suggests that around 40% won\u2019t. A financial adviser will be able to help you plan out your finances for retirement and see how increased spending can be accommodated, while leaving you well covered for the potential costs of later life. And we would encourage people not to let the prospect of paying more in tax be the main driver behind any significant spending decisions or lifestyle changes.\u201d<\/p>\n\n\n\n<p>&#8211; ENDS &#8211;<\/p>\n\n\n\n<p>Surveyed conducted by Findoutnow on behalf of RBC Brewin Dolphin on 1,045<strong> <\/strong>UK adults, 1,001 of which were aged 45+, with pension pots of over \u00a3300,000 between March 17<sup>th<\/sup> and March 23<sup>rd<\/sup>, 2025.<\/p>\n\n\n\n<p><strong><em>Disclaimers<\/em><\/strong><\/p>\n\n\n\n<p>The value of investments can fall and you may get back less than you invested. This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. Information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness. <\/p>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>RBC Brewin Dolphin is a trading name of RBC Europe Limited.\u00a0RBC Europe Limited is registered in England and Wales No. 995939. Registered Address: 100 Bishopsgate, London EC2N 4AA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. \u00a0\u00a0<\/p>\n\n\n\n<p>\u00ae \/ \u2122 Trademark(s) of Royal Bank of Canada. Used under licence.<\/p>\n\n\n\n<p><strong>PRESS INFORMATION<\/strong><\/p>\n\n\n\n<p>For further information, please contact:<\/p>\n\n\n\n<p>Peter McFarlane <a href=\"mailto:peter.mcfarlane@framecreates.co.uk\">peter.mcfarlane@framecreates.co.uk<\/a> \/ Tel: 07412 739 093<\/p>\n\n\n\n<p>Si\u00e2n Robertson <a href=\"mailto:Sian.Robertson@brewin.co.uk\">Sian.Robertson@brewin.co.uk<\/a> \/ Tel: +44 (0) 20 3201 3026<\/p>\n\n\n\n<p>Payal Nair <a href=\"mailto:payal.nair@brewin.co.uk\">payal.nair@brewin.co.uk<\/a> &nbsp;\/ Tel: +44 (0) 20 3201 3342<\/p>\n\n\n\n<p>Georgia Embrey <a href=\"mailto:Georgia.embrey@rbc.com\">Georgia.embrey@rbc.com<\/a> \/ Tel: +44 (0)7704 667 842<\/p>\n\n\n\n<p><strong>NOTES TO EDITORS<\/strong><\/p>\n\n\n\n<p><strong>About RBC Brewin Dolphin<\/strong><\/p>\n\n\n\n<p><a href=\"https:\/\/www.brewin.co.uk\/\">RBC Brewin Dolphin<\/a> is one of the UK and Ireland\u2019s leading wealth managers and traces its origins back to 1762. With \u00a357.6bn* billion in assets under management, it offers award-winning, bespoke wealth management services, including discretionary investment management and financial planning.<\/p>\n\n\n\n<p>Its qualified investment managers and financial planners are based in over 30 offices across the UK, Jersey and Republic of Ireland, with a commitment to high standards of client service, long-term thinking and absolute focus on clients&#8217; needs at the core.<\/p>\n\n\n\n<p>As part of <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-eu\/about\/\">Royal Bank of Canada<\/a> (RBC), RBC Brewin Dolphin is now able to draw on the strength of a global financial institution to enhance the services it provides to clients and to drive further innovation across the business.<\/p>\n\n\n\n<p>*as at 31<sup>st<\/sup> October 2024.<\/p>\n\n\n\n<p><strong>About RBC<\/strong><\/p>\n\n\n\n<p>Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada\u2019s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at&nbsp;<a href=\"https:\/\/www.rbc.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">rbc.com<\/a>.\u200e<\/p>\n\n\n\n<p>We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at <a href=\"https:\/\/www.rbc.com\/our-impact\/index.html\" target=\"_blank\" rel=\"noreferrer noopener\">rbc.com\/peopleandplanet<\/a>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p><a href=\"#_ftnref1\" id=\"_ftn1\">[1]<\/a> Source: <a href=\"https:\/\/www.theguardian.com\/travel\/2025\/feb\/18\/holiday-firms-reporting-surge-in-demand-for-long-haul-breaks#:~:text=On%20Tuesday%2C%20the%20travel%20brand,increase%20in%20long%2Dhaul%20bookings.\">The Guardian<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than half of people approaching or already in retirement with significant savings plan to spend their pension, rather than pass it down to family members following the proposed changes announced in the Autumn Budget 2024 bringing pensions in to scope of inheritance tax, according to new research from RBC Brewin Dolphin. The wealth manager\u2019s [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":0,"template":"","meta":{"_acf_changed":false,"rbc_url_alias":"","footnotes":""},"tags":[],"rbcwm_news_category":[],"class_list":["post-17010","rbcwm_news","type-rbcwm_news","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Retirees swap inheritance for holidays following Budget pension changes | RBC Brewin Dolphin Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.brewin.co.uk\/group\/media\/news-and-comments\/2025-05\/retirees-swap-inheritance-for-holidays-following-budget-pension-changes\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retirees swap inheritance for holidays following Budget pension changes | RBC Brewin Dolphin Group\" \/>\n<meta property=\"og:description\" content=\"More than half of people approaching or already in retirement with significant savings plan to spend their pension, rather than pass it down to family members following the proposed changes announced in the Autumn Budget 2024 bringing pensions in to scope of inheritance tax, according to new research from RBC Brewin Dolphin. The wealth manager\u2019s [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.brewin.co.uk\/group\/media\/news-and-comments\/2025-05\/retirees-swap-inheritance-for-holidays-following-budget-pension-changes\" \/>\n<meta property=\"og:site_name\" content=\"RBC Brewin Dolphin Group\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-09T15:24:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.brewin.co.uk\/group\/wp-content\/uploads\/sites\/11\/2025\/05\/figure-1-using-pension-vs-passing-it-down.png?w=2000\" \/>\n\t<meta property=\"og:image:width\" content=\"1650\" \/>\n\t<meta property=\"og:image:height\" content=\"990\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" 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