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The pensioner bond rip-off
Topic Started: Dec 15 2015, 07:49 AM (201 Views)
papasmurf
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I thought Osborne was going to rip people off, it happened quicker that I thought:-

http://www.thisismoney.co.uk/money/saving/article-3359372/The-great-pensioner-bond-rate-drop-One-year-fix-fall-bumper-2-8-paltry-rollover-rate-just-1-45.html

The great pensioner bond rate drop: One-year fix will fall from bumper 2.8% to a paltry rollover rate of just 1.45%
Pensioner bond one-year rate was 2.8% when first launched
NS&I has revealed rollover rate of just 1.45% for maturing accounts
This measly one-year rate can be beaten by at least 18 savings providers

By Lee Boyce for Thisismoney.co.uk

Published: 14:18, 14 December 2015 | Updated: 18:22, 14 December 2015


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Steve K
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Other investment options are available for those that want to moan about the government gifting money to pensioners at workers expense

This is still a higher interest rate than available on the high street to the rest of us.

So no rip off

But what it clearly was was vote buying for the election. Most dodgy indeed.
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papasmurf
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Steve K
Dec 15 2015, 09:52 AM
So no rip off

It is a rip off, it gave the impression of being fixed rate.
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Steve K
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papasmurf
Dec 15 2015, 10:14 AM
Steve K
Dec 15 2015, 09:52 AM
So no rip off

It is a rip off, it gave the impression of being fixed rate.
Perhaps you need to consider what the phrase 'maturing accounts' means

No continuing obligation on either side. Perhaps you believe in free money
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papasmurf
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Steve K
Dec 15 2015, 10:37 AM
Perhaps you need to consider what the phrase 'maturing accounts' means

No continuing obligation on either side. Perhaps you believe in free money
They were sold under false pretences.
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papasmurf
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I give up with the effing edit system.
Edited by papasmurf, Dec 15 2015, 10:50 AM.
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Tytoalba
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papasmurf
Dec 15 2015, 07:49 AM
I thought Osborne was going to rip people off, it happened quicker that I thought:-

http://www.thisismoney.co.uk/money/saving/article-3359372/The-great-pensioner-bond-rate-drop-One-year-fix-fall-bumper-2-8-paltry-rollover-rate-just-1-45.html

The great pensioner bond rate drop: One-year fix will fall from bumper 2.8% to a paltry rollover rate of just 1.45%
Pensioner bond one-year rate was 2.8% when first launched
NS&I has revealed rollover rate of just 1.45% for maturing accounts
This measly one-year rate can be beaten by at least 18 savings providers

By Lee Boyce for Thisismoney.co.uk

Published: 14:18, 14 December 2015 | Updated: 18:22, 14 December 2015


Caveat emptor.
We have a duty of care and responsibility for ourselves, and are responsible for our own actions. Its up to us to research the market, seek best advice, look for the best interest rates and to invest wisely.
Too many people want their bottoms wiped, and to be spoon fed, and to have all their decisions made for them. When they are they have someone else to blame, and to seek compensation from.

Its taxpayers money that pays the interest, and the government has a duty to protect it.
Current rates elsewhere in bank accounts is about 0 .5% so the government bond is still a good return and well protected.
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Rich
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I think that anyone who believes that there is a "free meal" in life is doomed to be disappointed.
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papasmurf
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Tytoalba
Dec 15 2015, 11:00 AM
Caveat emptor.
Those bonds were not honestly marketed. When I got ripped off in similar fashion by a bank I got compensation, (without much problem either.)
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Lewis
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papasmurf
Dec 15 2015, 07:49 AM
I thought Osborne was going to rip people off, it happened quicker that I thought:-

http://www.thisismoney.co.uk/money/saving/article-3359372/The-great-pensioner-bond-rate-drop-One-year-fix-fall-bumper-2-8-paltry-rollover-rate-just-1-45.html

The great pensioner bond rate drop: One-year fix will fall from bumper 2.8% to a paltry rollover rate of just 1.45%
Pensioner bond one-year rate was 2.8% when first launched
NS&I has revealed rollover rate of just 1.45% for maturing accounts
This measly one-year rate can be beaten by at least 18 savings providers

By Lee Boyce for Thisismoney.co.uk

Published: 14:18, 14 December 2015 | Updated: 18:22, 14 December 2015


Didn't expect anything different from this shower.
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Lewis
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Nationwide do a reasonable saving product of 4% net of tax at the moment.

http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts
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papasmurf
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Lewis
Dec 15 2015, 01:40 PM
Didn't expect anything different from this shower.
Neither did I, and made my feelings felt about it on the forum at the time.
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Alberich
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It was a ONE year fixed rate bond purchase, with the rate guaranteed for the duration of the bond. The clue is in the name...ONE YEAR fixed rate. At the end of the year, the bond matured, and ended. I know you sometimes struggle to keep abreast of things, but DO try.
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papasmurf
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Alberich
Dec 15 2015, 02:04 PM
It was a ONE year fixed rate bond purchase, with the rate guaranteed for the duration of the bond. The clue is in the name...ONE YEAR fixed rate. At the end of the year, the bond matured, and ended. I know you sometimes struggle to keep abreast of things, but DO try.
Actually there were are several terms involved, but people are still being ripped off. I wonder how many of those who have been ripped off voted Tory.
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Steve K
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papasmurf
Dec 15 2015, 02:06 PM
Alberich
Dec 15 2015, 02:04 PM
It was a ONE year fixed rate bond purchase, with the rate guaranteed for the duration of the bond. The clue is in the name...ONE YEAR fixed rate. At the end of the year, the bond matured, and ended. I know you sometimes struggle to keep abreast of things, but DO try.
Actually there were are several terms involved, but people are still being ripped off. I wonder how many of those who have been ripped off voted Tory.
Oh for goodness sake are you trying for misdirection award of the day?

Which contract term has been broken? None

Which implied promise was broken? None

If a contract is for one year what the hell do you think gives any party to that contract any right to enforce the other party to extend the deal?

Seems by your ideas as to what is fair you'd have loved it if your employer had kept you on your starting salary for ever.





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papasmurf
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Steve K
Dec 15 2015, 04:07 PM
Oh for goodness sake are you trying for misdirection award of the day?

I didn't buy any of the bonds, it stank of fish from the day it was announced.
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Steve K
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papasmurf
Dec 15 2015, 05:25 PM
Steve K
Dec 15 2015, 04:07 PM
Oh for goodness sake are you trying for misdirection award of the day?

I didn't buy any of the bonds, it stank of fish from the day it was announced.
It stank of election buying
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papasmurf
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Steve K
Dec 15 2015, 05:28 PM
It stank of election buying
That as well.
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Tytoalba
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papasmurf
Dec 15 2015, 11:38 AM
Tytoalba
Dec 15 2015, 11:00 AM
Caveat emptor.
Those bonds were not honestly marketed. When I got ripped off in similar fashion by a bank I got compensation, (without much problem either.)
Then you should read the small print. When we use bank services we agree to their terms and costs and if we don't like them we do not use them. If you get ripped off it must be on a voluntary basis, for it is your signature at the bottom of the agreement.
I agree that most small print is convoluting and difficult to understated and is usually in the best interests of the vendor, not the customer, but it is all there in black and white and is usually legally binding. In those terms I cannot see how the banks can rip you off for those are the terms you agreed to.
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papasmurf
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Tytoalba
Dec 15 2015, 09:05 PM
Then you should read the small print.
The then money programme on BBC2 thought the bonds from the bank were fixed rate to. I referred to that, and I did not even have to make a claim in writing. Money back in full plus £400 compensation.
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Tytoalba
Dec 15 2015, 09:05 PM
papasmurf
Dec 15 2015, 11:38 AM
Tytoalba
Dec 15 2015, 11:00 AM
Caveat emptor.
Those bonds were not honestly marketed. When I got ripped off in similar fashion by a bank I got compensation, (without much problem either.)
Then you should read the small print. When we use bank services we agree to their terms and costs and if we don't like them we do not use them. If you get ripped off it must be on a voluntary basis, for it is your signature at the bottom of the agreement.
I agree that most small print is convoluting and difficult to understated and is usually in the best interests of the vendor, not the customer, but it is all there in black and white and is usually legally binding. In those terms I cannot see how the banks can rip you off for those are the terms you agreed to.


Trouble is that they were aimed at the most naive demographic section of our population...old people.
The kind that demonstrably gets conned the most...by travelling salesmen, charities, Tories...those kind of predators to the delusional
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Steve K
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papasmurf
Dec 15 2015, 09:16 PM
Tytoalba
Dec 15 2015, 09:05 PM
Then you should read the small print.
The then money programme on BBC2 thought the bonds from the bank were fixed rate to. I referred to that, and I did not even have to make a claim in writing. Money back in full plus £400 compensation.
They were fixed, for the agreed fixed period of time. The three year ones will still get 4% for another 2 years

But if you only committed your money to the Treasury for a year wasn't it more obvious than the bleeding obvious that there were no guarantees what interest rate would be offered once that year was up.

The moaners are right up there with those that rack up to a shop on a Wednesday and say it's a rip off that last Friday's one day only special offer isn't on offer any more.



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Tytoalba
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There is no good reason to believe that elderly people are necessarily less sophisticated or lacking in wisdom than anyone else. Their problem is that they tend to be more honest and trusting than the young people of today, where ones word was ones bond, and a handshake a binding deal.
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Rich
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Tytoalba
Dec 15 2015, 09:44 PM
There is no good reason to believe that elderly people are necessarily less sophisticated or lacking in wisdom than anyone else. Their problem is that they tend to be more honest and trusting than the young people of today, where ones word was ones bond, and a handshake a binding deal.
Sadly Tyto, after shaking hands in today's business environment one needs to count ones fingers. :P
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Steve K
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Lewis
Dec 15 2015, 01:44 PM
Nationwide do a reasonable saving product of 4% net of tax at the moment.

http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts
:nono: It's not really a comparable product. The 4% would apply to a maximum average of £3k. Basically it's an introductory bonus product with some awkward constraints and a max 1 year life.
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Tytoalba
Dec 15 2015, 09:44 PM
There is no good reason to believe that elderly people are necessarily less sophisticated or lacking in wisdom than anyone else. Their problem is that they tend to be more honest and trusting than the young people of today, where ones word was ones bond, and a handshake a binding deal.


You must have grown up in an Ealing movie.
Old people are prey for the predators ...they always were.
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skwirked
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gansao
Dec 16 2015, 07:20 PM
Tytoalba
Dec 15 2015, 09:44 PM
There is no good reason to believe that elderly people are necessarily less sophisticated or lacking in wisdom than anyone else. Their problem is that they tend to be more honest and trusting than the young people of today, where ones word was ones bond, and a handshake a binding deal.


You must have grown up in an Ealing movie.
Old people are prey for the predators ...they always were.
!jk! !jk!
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Lewis
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Steve K
Dec 15 2015, 10:11 PM
Lewis
Dec 15 2015, 01:44 PM
Nationwide do a reasonable saving product of 4% net of tax at the moment.

http://www.nationwide.co.uk/products/savings/our-savings-accounts/all-savings-accounts
:nono: It's not really a comparable product. The 4% would apply to a maximum average of £3k. Basically it's an introductory bonus product with some awkward constraints and a max 1 year life.
Not suggesting it is a comparable product.

The only comparison is that the higher rate like the pensioner bonds now is only for a year apparently.

The saving rate is up to £500/month, which at maximum represents £6k investment. It is about as good as you can expect for a commercially available savings product, certainly one I signed up to.
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Tytoalba
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gansao
Dec 16 2015, 07:20 PM
Tytoalba
Dec 15 2015, 09:44 PM
There is no good reason to believe that elderly people are necessarily less sophisticated or lacking in wisdom than anyone else. Their problem is that they tend to be more honest and trusting than the young people of today, where ones word was ones bond, and a handshake a binding deal.


You must have grown up in an Ealing movie.
Old people are prey for the predators ...they always were.
Try preying on me and see. ;D
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Deleted User
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Tytoalba
Dec 16 2015, 10:49 PM
gansao
Dec 16 2015, 07:20 PM
Tytoalba
Dec 15 2015, 09:44 PM
There is no good reason to believe that elderly people are necessarily less sophisticated or lacking in wisdom than anyone else. Their problem is that they tend to be more honest and trusting than the young people of today, where ones word was ones bond, and a handshake a binding deal.


You must have grown up in an Ealing movie.
Old people are prey for the predators ...they always were.
Try preying on me and see. ;D


Well there are exceptions but in the main my point stands.
I'm guessing you were Peggy mount in Passport to Pimlico
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Rich
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gansao
Dec 16 2015, 10:56 PM
Tytoalba
Dec 16 2015, 10:49 PM
gansao
Dec 16 2015, 07:20 PM

Quoting limited to 3 levels deep
Try preying on me and see. ;D


Well there are exceptions but in the main my point stands.
I'm guessing you were Peggy mount in Passport to Pimlico
And you were Alfie Bass. :thumbsup:
Edited by Rich, Dec 16 2015, 10:57 PM.
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Deleted User
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Rich
Dec 16 2015, 10:57 PM
gansao
Dec 16 2015, 10:56 PM
Tytoalba
Dec 16 2015, 10:49 PM

Quoting limited to 3 levels deep


Well there are exceptions but in the main my point stands.
I'm guessing you were Peggy mount in Passport to Pimlico
And you were Alfie Bass. :thumbsup:


worthy: !clp! !clp! !clp! !clp!
Brilliant!!
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