Over 65? Then read on.....
As announced in the 2014 Budget (click here for robinson+co’s summary) two new NS&I products will be launched in January 2015 but only for people aged 65 or over.
These will be fixed rate bonds with an interest rate expected to be:
• 2.8% gross AER on a one year bond
• 4% gross AER on a three year bond
The maximum investment in either product will be £10,000, and interest will be taxable.
However, it is expected that these investments will be limited in number and very popular. It is therefore important to keep an eye out for advertisements and to check periodically in the Post Office so that you don’t lose out.
We at robinson+co will of course be doing this on your behalf so watch this space for more information as we get nearer to the launch date of January 2015.
There will also be a chance in October 2015 to top up your state pension, as long as you reach state pension age before 6 April 2016. Again, watch this space for more details as they become available.
If you have any queries on these matters, please contact robinson+co’s Tax Partner, Victoria Bishop on 01900 603623.