While your Auntie Jean might find she can get an extra trip to the supermarket before filling up her car, your pension pot has probably suffered as a result and subject to how reliant your pension is on oil, you could be facing a lower retirement income or the prospect of having to work longer to make up any shortfall.
Many UK based pensions are invested in The FTSE and around 14% of the London based stock exchange’s value is made up of oil and commodities.
This means that UK invested pensions are at a disadvantage in the current climate compared to other jurisdictions whose stock markets are less focused on these sectors.
The price of oil has dropped 38% over the past 12 months and commodities are trading at their lowest levels since 1991. Add to this the uncertainty surrounding Britain leaving the European Union and anyone with a pension fund linked to oil has good reason to be sitting uneasily.
If you are concerned that your pension might be affected by the drop in oil prices you might want to consider reviewing your retirement plans to ensure they still stack up.
Thousands of expats have already moved their UK pensions offshore giving them more freedom with their investments and meaning they are no longer heavily reliant on one industry or currency like so many UK pension plans.