Over 50s/"Silver Saver" accounts illegal...(maybe)

Stuart_W

Rather unfortunate timing, but it looks like accounts offered at the Over 50's / Over 60's / any type age restriction may fall foul of new anti-ageism laws.

http://scotlandonsunday.scotsman.com/business/New-ageism-laws-to-hit.4863600.jp

Rather unfortunate timing, when pensioners with savings are probably experiencing the lowest return on their savings since their retirement.

Nick_C

Another example of political correctness gone mad. So will special rates for children's accounts also be illegal? And higher insurance premiums for older people? Are BUPA going to have to charge the same premiums to 85 year olds as they do to 25 year olds? That will be another company hitting the wall if so!

oxenryd

Surely all they'll do is rename them "Pensioners accounts" as otherwise, as Nick just said, they'd have to get rid of student and children's account. Instead of age, it's going to become all Employment Status (Employed / Self Employed / Retired / Student / Child) based. As always there's always a way around things.

This has just made me wonder, going off topic I know, but do we still have different Minimum wage for 16-18, 18-22 and 22+ ?

Trying_to_be_good

Insurance premiums - health and car - are based according to risk, assessed by actuaries. Age has a significant effect.

Differing interest rates/accounts based on age a simply discriminatory, no risk element involved. I've never understood why they were allowed to continue after the age-discrimination legislation came in.

Though I see the article refers to "anti-ageing legislation" - now that WILL be difficult to police!!!

TomsMom

oxenryd wrote: »

This has just made me wonder, going off topic I know, but do we still have different Minimum wage for 16-18, 18-22 and 22+ ?

Yes Oxenryd.

Under 18s get £3.53 (for those not of compulsory school age)
18-21 is £4.77
22+ is £5.73

soulsaver

Isn't spirit of the law is intended to stop descrimination against older people; not used to take away whatever advantages they get.... for chrissake?

How come I haven't seen a pensioner working at McD's?

Having said that there hasn't been many (if any) distinctly advantageous savings accounts for the over 50s.

gozomark

Trying_to_be_good wrote: »

Differing interest rates/accounts based on age a simply discriminatory, no risk element involved. I've never understood why they were allowed to continue after the age-discrimination legislation came in.

same here - surprised has been allowed

opinions4u

Does that mean Saga would have to let under 50s have accounts?

The Government is the bastion of age discrimination in this country.

Old people get free stuff younger people have to pay for (bus travel, tv licences, winter fuel allowances).

Over 40s get higher statutory redundancy than under 40s.

Minimum wage discrimination by age is enacted by the Government.

Let's not waste more time, effort and legislation outlawing the over 50s savings account !!!!!!.

DawnW

There are few advantages in being over 50, as far as I can see (speaking from experience). So now it looks as though there are going to be even fewer?

Stuart_W

As someone who is usually the only person on my local bus service that has actually had to hand over any money to the bus driver (as I'm not past 60 yet) I am often reminded of the different financial conditions applied to different ages!

And I don't begrudge anyone on my bus free travel - I just hope it's still around when I make it to 60!

Surely, there are circumstances when we should allowed to accept difference.