Pensioners have right to annual holidays in retirement says Pensions UK

Pensioners have the right to a minimum of a one week holiday in the UK when retired, according to a pensions living standards body.

Pensions UK's retirement living standards set out the minimum lifestyle pensioners should aim for in retirement and how much they need to save to achieve it. The standards aim to offer a clear and "realistic" view of people's retirement spending to act as a guide for the amount of money they might need in the future. The figures show how much someone may spend in retirement across three different living standards - minimum, moderate and comfortable - and are based on an estimated expenditure, not an income.

The standards assume you own your own home with no mortgage, so costs could be higher or lower spending on your circumstances.

According to Pensions UK, a one person household would need £13,400 per year on average to meet the "minimum" lifestyle costs. This amount would cover a retiree's basic needs with enough left over for a week-long holiday in the UK.

Cali Sullivan, project lead retirement living standards at Pensions UK, explained: "A week away in the UK is within the budgeted costs, with plenty of inviting destinations to choose from - whether it's the coast of Devon, the hills of Yorkshire, the lochs and glens of Scotland, or the charm of Norfolk or Wales.

"Thanks to the full state pension and the benefits of auto-enrolment into a workplace pension, reaching this level is very achievable for many. Around three-quarters of households are expected to achieve it, and two-person households, who can share living and travel costs, are even more likely to do so."

To achieve a "moderate" lifestyle in retirement, a one person household would need £31,700 per year. At this level, people have more financial security and flexibility, and would be able to afford a two-week three star all-inclusive holiday in the Mediterranean, as well as a long weekend off-peak break in the UK.

For those looking to achieve a "comfortable" lifestyle in retirement, Pensions UK says a one person household would need £43,900 per year to give themselves more financial freedom and some luxuries.

With this amount, people should be able to afford a fortnight's four-star holiday in the Mediterranean with around £100 of spending money per person, plus three long weekend breaks in the UK, with £400 spending money per break.

The Retirement Living Standards, as set out by Pensions UK, are as follows:

• Minimum - £13,400 per year (one person), £21,600 per year (two people)
• Moderate, £31,700 per year (one person), £43,900 per year (two people)
• Comfortable, £43,900 per year (one person), £60,600 per year (two people)

Ms Sullivan added: "Retirement isn't about scrimping or splurging. It's about living with dignity and keeping the lifestyle you've worked hard for.

"We know many people face tough choices due to rising costs, both before and during retirement. That's why the retirement living standards reflect what people see as realistic and meaningful, providing choice, opportunity and security at every level.

"Research shows holidays are seen as essential to a good retirement: time to relax, make memories and enjoy new experiences. They offer a vital boost to wellbeing and give people something to look forward to."