Pensioners are to be offered new freedoms to dip into their retirement cash. In the latest phase of the biggest shake-up of private pensions in a century, the over-55s will be able to withdraw several lump sums from their pension pots instead of just one. George Osborne’s move raises the prospect of pensioners using their funds almost like bank accounts to invest in property or shares, pay off debts or help children and grandchildren. Read more >>
The cartoon by Mac from the Daily Mail shows a woman in her kitchen. She is studying a postcard which has just arrived and tells her husband, who she thinks is sitting at the breakfast table behind the newspaper, "That's strange. We've had a card from Tahiti — looks like your writing."
The joke is that the husband has dipped into his pension pot and gone to Tahiti, so it really is his handwriting on the postcard. The newspaper is propped up in front of his chair to hide the fact that he's not there.
A pension pot is the money you've built up in a pension plan.