Interest rates: Pensioners buoyed as Bank of England raises rate to highest in 13 years | Personal Finance | Finance

Andrew Megson, executive chairman of My Pension Expert, however, said things may not be all good for pensioners and pension savers.

He commented: “This boost in interest rates is unlikely to offer any meaningful comfort.

“Remaining calm in the face of volatility is absolutely crucial – panic could result in people making snap decisions and cause permanent damage to their future finances.

“Reviewing one’s retirement strategy as early as possible would certainly be advisable. So too, would exploring all avenues with the help of an independent financial adviser. 

“Indeed, options such as flexible-access drawdowns and riskier investments offering better returns could help Britons to best protect their hard-saved cash and hold its value against inflation – the key will be to utilise the expertise of an adviser to ensure Britons are choosing the option that best suits their needs.”

More to follow…