Pensions aren't just for retirement – leave it intact and live off cash savings to reduce both income and inheritance tax

Millions of people over the age of 65 are being urged to sign up for so-called pensioner bonds before Friday evening's deadline.

The Pensioner Bonds have fallen slightly off the radar in the last few weeks, arguably because the fact that the deadline had been extended to mid-May – regardless of the level of investment – meant that the urgency to apply had lessened. Well, the urgency is back, because the deadline is just over a week away!

Are you planning to leave an inheritance, or perhaps you're expecting to receive one yourself in the next few years? Well, if research from HSBC is anything to go by, things may not pan out that way, as it looks as though the traditional inheritance may be dying out.

Average annual income on offer from a standard annuity for a 65-year-old with a £10,000 pension pot plunges by 5.9% since start of year

The over-55s are not the only ones to benefit from the pensions revolution. Investors willing to take a punt on companies set to cash in on the silver spenders’ retirement bonanza could also reap the rewards.

Last week, the Government confirmed that annuity selling was in the pipeline. If the proposals are finalised, those already locked into an annuity will have the option to sell the income they receive from it, and by all accounts, many would take advantage of the offer…

The dawn of the new pension reforms is looming on the horizon, but while the changes herald new freedoms in the pension landscape, there is also an increased risk of scams.

I have always been reluctant to pay for something I could do myself. Sometimes, however, it pays to admit that it would be wise to get someone to do a better job for you.

From outright fraud to inappropriate investments and unnecessary tax, we spell out – in order of risk – the worst pitfalls