This in from the office of Isle of Wight Conservative MP, Andrew Turner. Ed
The news that the 65-plus pensioner bond scheme will be extended for another three months is good news for Island pensioners. The extension comes as a result of an unprecedented demand. More than £1bn in bonds were sold and 110,000 pensioners signed up in the first two days of the scheme.
The Government-backed pensioner bond offers competitive rates of interest of up to 4% and the Rt Hon George Osborne MP, Chancellor of the Exchequer, has guaranteed these bonds will now be available until the middle of May. This will mean that millions more pensioners will have the opportunity to benefit from market-leading savings rates.
Mr Turner said:
“I know this announcement will be welcomed by many Island residents. Unfortunately the previous government left the country in the deepest recession since the war, meaning cuts had to be made to turn the economy round. As a result many pensioners have seen their savings reduce as interest rates fell to historic lows of 0.5%.
“This bond gives over-65s the opportunity to get more from their savings, helping pensioners to be more financially secure in their retirement and I hope Islanders will take advantage of this.”
Savers must be aged 65 or over to qualify and can invest online or over the phone by calling 0500 500 000.
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