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Please help explain on Guaranteed Savings Amount
GillyFlower
Posts: 160 Forumite
My husband and I both have Saving values from May 2008, probably less now, but we have invested in e.g. 5 Year Trigger ISA, Incomes Shares, what was PEPS, ISA's and NS & I.
The Value taking out the NS&I would mean they do not amount to anymore than £35k each and so we thought even if they were all owned by the same orgainsation we should be safe.
However, we are now wondering how naive we may be because my husband has a Pension coming out in December this year. It is not huge and the Total fund was around £38,000 based on 5% growth. So all we were thinking about was should he take the small cash sum of say £8k and going down fast with a small annual pension of around 2k possible.
NOW - this morning we suddenly thought how will this Pension become involved in this mess. Do we have to look at who the company is owned by alongside our Savings?
Any thoughts would be appreciated.
The Value taking out the NS&I would mean they do not amount to anymore than £35k each and so we thought even if they were all owned by the same orgainsation we should be safe.
However, we are now wondering how naive we may be because my husband has a Pension coming out in December this year. It is not huge and the Total fund was around £38,000 based on 5% growth. So all we were thinking about was should he take the small cash sum of say £8k and going down fast with a small annual pension of around 2k possible.
NOW - this morning we suddenly thought how will this Pension become involved in this mess. Do we have to look at who the company is owned by alongside our Savings?
Any thoughts would be appreciated.
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Comments
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Hi GillyFB
The savings guarantee limit is now £50,000 (as of yesterday) per institution.
If you take a look at the below article and post back with any questions we'll try and help:
Are your savings safe
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