NS&I Index Linked Certs closed for new applications

lisyloo

So does that mean that I can reinvest a maturing fixed interest savings certificate into a index linked one even though they are not available at the moment, as that was the only reason I invested in it in the first place.

I read it as yes, but I think you'd need to ask NS&I to be sure.

balf

lisyloo wrote: »

So does that mean that I can reinvest a maturing fixed interest savings certificate into a index linked one even though they are not available at the moment, as that was the only reason I invested in it in the first place.[?QUOTE]

I read it as yes, but I think you'd need to ask NS&I to be sure.

I have checked with them and yes, you can roll over into the issues that have just been withdrawn. In fact if you do nothing that is done automatically.

David.

alanq

balf wrote: »

lisyloo wrote: »

So does that mean that I can reinvest a maturing fixed interest savings certificate into a index linked one even though they are not available at the moment, as that was the only reason I invested in it in the first place.[?QUOTE]

I read it as yes, but I think you'd need to ask NS&I to be sure.

I have checked with them and yes, you can roll over into the issues that have just been withdrawn. In fact if you do nothing that is done automatically.

The question was about rolling over fixed rate savings certificates into index-linked ones. Automatic rollover will be into the same type of certificate as the one that has matured. To move from fixed to indexed one has to take action.

missile

lisyloo wrote: »

So does that mean that I can reinvest a maturing fixed interest savings certificate into a index linked one even though they are not available at the moment, as that was the only reason I invested in it in the first place.[?QUOTE]

I read it as yes, but I think you'd need to ask NS&I to be sure.

As I read it the answer is NO.

You cannot re-invest from a.n.other product(s) into ILCs

alanq

You can reinvest ANY matured SAVINGS CERTIFICATE (fixed or indexed) into Index-Linked Savings Certificates.

You cannot reinvest from OTHER NS&I products into Saving Certificates.

lisyloo

Yes I read (very carefully) it the same as alan

existing Savings Certificate customers

I am assuming that includes fixed savings certificates.

can continue to rollover their investment into the same Issue they currently hold. They can also reinvest into any of the Savings Certificate terms and Issues – either the 3 or 5 year Issue of Index-linked Savings Certificates or the 2 or 5 year Issue of Fixed Interest Savings Certificates – regardless of which Savings Certificate they currently hold.

But as it's possible to mis-interpret, then I'd check with them direct.

Innys

eegg7777 wrote: »

That is exactly what I suggested in my complaint.


Perhaps if enough of us oldies complain, NS&I may re-open the product for pensioners.

What you are proposing IS age descrimination. Why should pensioners have access to more products than the rest of us? To be honest, I'm surprised no one challenged the legality of last year's early increase in ISA allowances for pensioners.

StevieJ

le_loup wrote: »

Trust Wikipedia!
The INFLATION LINKED BONDS were never the granny bonds. It was the fixed rate bonds that were only available to grannies.

You mean the rubbish ones

lisyloo

What you are proposing IS age descrimination. Why should pensioners have access to more products than the rest of us? To be honest, I'm surprised no one challenged the legality of last year's early increase in ISA allowances for pensioners.

Some discrimination is legal.
For exmaple car insurers charge more for people based on age if it in linked with an increase in risk.

I don't know about the leaglity of savings products but given that the like of SAGA have offered age related products for a long time, I expect it's perfectly legal.

Discrmination is neither illegal or bad.
For example surgeons are paid more than nurses and that's quite legal.
The illegal type is the sort that's on the basis of skin colour, race, gender (where not legal), disability etc.

It's also leagl to discrminiate on gener for insurance where there is a difference in risk.
You could also discrminiate against a disabled person in some circumstances e.g. if they could not be accomodated on a boat safely.

These are just example as people often use the word discrimination in a bad way when it's both good and legal.

Innys

lisyloo wrote: »

The illegal type is the sort that's on the basis of skin colour, race, gender (where not legal), disability etc.

It's also leagl to discrminiate on gener for insurance where there is a difference in risk.
You could also discrminiate against a disabled person in some circumstances e.g. if they could not be accomodated on a boat safely.

From what you have said in your first paragraph above, age discrimination is not illegal. I'm pretty sure it is. For example, employers cannot discriminate against older applicants for a job purely on the basis of their age.

Your second paragraph highlights the crucial point that discrimination is permitted where the two persons concerned have some attribute which means they cannot be treated the same in the context of the product being sold. Age is a key rating factor in car insurance simply because younger drivers are statistically more likely to have an accident.

This being so, what is the key attribute in age which prevented a younger person last year from investing a greater amount in their ISA, but pensioners had which allowed them to? There wasn't one - it was just good PR for Gordon B.

In the case of NS&I certificates, the poster suggested that they should be reopened for pensioners. Why? There is nothing about that product which means it cannot be sold to people of a younger age as they may "abuse" it.

All I'm saying is if NS&I were to offer the product again (which they, obviously, won't for some time), to offer it only to older people would, in my view, be illegal.