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Pensions Act sees more people investing in home improvements

Since the new Pension Act reforms of April last year, older age groups are more likely to dip their hand in the pot for refurbishment and renovation costs in home improvements. 

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Pensions Act sees more people investing in home improvements

Since the new Pension Act reforms of April last year, older age groups are more likely to dip their hand in the pot for refurbishment and renovation costs in home improvements. 

Statistics from a survey conducted by The Pensions and Lifetime Saving Association, with 3,000 participants between 50 and 75 taking part in the research, have shown that of those spending some or all of their cash under the scheme, 32 per cent made the decision to splash out on home improvements such as taking advantage of cheap stairlift prices.

The numbers also showed that 18 per cent spent a large sum of the money on a one-off purchase, while 14 per cent paid off a loan or credit card, and only 3 per cent spent the money on family and loved ones.

Joanne Segars, chief executive of the Pensions and Lifetime Savings Association, told AOL.com: "The message that comes through loud and clear from our research is that there's no more normal when it comes to deciding what to do with savings at retirement.

"Pension freedoms have destroyed the traditional norms leaving a blank canvas for millions of people.

"This first cohort of savers are effectively pension pioneers - working out how to make the right decision with their savings but at the same time naturally fearful of making a poor decision in uncharted territory."

The reformed freedom allows people aged 55 and over to spend their money on personal items, subject to tax, rather than having to buy a regular income called an annuity when they retire.

Many retirement projects stereotypically involve purchasing new property both in the UK or abroad, however only 8 per cent of those who participated in the survey chose this as their biggest investment since April 2015.

Image Credit: Alan Cleaver (flickr.com)

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