Pensioner Bonds Guide

le_loup

stingy1 wrote: »

My dad says if you show them you got 20k they will cut his pension benefit maybe not the pension but the pension credit, am unsure of this.

So, who's money is it? If it's yours, that sound like fraud, if it's his that is already fraud.

HarryS

hello

I received great help from another subject, so I thought I should ask for help with another question. I write on behalf of hubby as he is not computer literate

My hubby wishes to apply for the new NSI bonds, but to do so will need to get the cash from his ISA, which he has held for approx. 4 years. He will only be using a 1/3rd of his savings

Does he need to transfer money from the ISA to his bank and then write a cheque for the bond?
or, do they accept payment via bank transfer (he has online banking)

He also needs to review his ISA for a better rate, should he do this first or is it ok after?

Thanks for any advice

mgdavid

HarryS wrote: »

hello

I received great help from another subject, so I thought I should ask for help with another question. I write on behalf of hubby as he is not computer literate

My hubby wishes to apply for the new NSI bonds, but to do so will need to get the cash from his ISA, which he has held for approx. 4 years. He will only be using a 1/3rd of his savings

Does he need to transfer money from the ISA to his bank and then write a cheque for the bond?
or, do they accept payment via bank transfer (he has online banking)

He also needs to review his ISA for a better rate, should he do this first or is it ok after?

Thanks for any advice

If you apply online you pay using bank debit card details. If you apply by post you write a cheque.

stingy1

mike88 wrote: »

Your father is obviously expert in defrauding the taxman and taxpayers.

When you apply your income is worked out. This includes:

State Pension
other pensions
most social security benefits, eg Carer’s Allowance
savings, investments over £10,000 - for these £1 is counted for every £500 or part £500
earnings

In order to establish the precise position follow this link here:

https://www.gov.uk/pension-credit/eligibility

le_loup wrote: »

So, who's money is it? If it's yours, that sound like fraud, if it's his that is already fraud.

Well I don't think my old man is defrauding anyone, since I just made up the example to see if it was possible, I don't even have parents sadly anymore.

I only asked since I read the MSE pensioner bonds article and it kinda suggest and ill quote the article

"But, technically, you could give the money to your parent/grandparent as a 'no-strings' gift"

Sounds a bit fraud to me ?

In fact the whole pensioner bond sounds suspicious to me, they say 10K max how many oap maybe getting pension credit or other benefits or more then 20-30K savings and op in for 1 or 2 pension bonds. Sounds like a fish net for pensioners !

stingy1

Tr@cker wrote: »

"But, technically, you could give the money to your parent/grandparent as a 'no-strings' gift. However, if you give them cash, it then becomes their money – not yours. You don't have a right to ask for it back. So if you give the cash to save, and they plan to give it back straight after, that's likely a breach of NS&I's terms ".

How would they know you'd done that and could they be arsed to find out anyway ? :rotfl:

This is why I asked my question above, how would anyone know for that matter who, what or when I think MSE article suggested its against NS&I terms as we all know but then perhaps implied it.

Either way I prefer Santanders 123 option at least one could withdraw the interest and spend it sooner rather then later but its good for others no doubt.

mike88

stingy1 wrote: »

Well I don't think my old man is defrauding anyone, since I just made up the example to see if it was possible, I don't even have parents sadly anymore.

I only asked since I read the MSE pensioner bonds article and it kinda suggest and ill quote the article

"But, technically, you could give the money to your parent/grandparent as a 'no-strings' gift"

Sounds a bit fraud to me ?

In fact the whole pensioner bond sounds suspicious to me, they say 10K max how many oap maybe getting pension credit or other benefits or more then 20-30K savings and op in for 1 or 2 pension bonds. Sounds like a fish net for pensioners !

Your post is nonsensical on several levels. Not only was your first post a fabrication (if I believe you) you also suggest that it is inappropriate to give money to a parent/grandparent as a "no strings gift". Anyone can give their money to anyone else but when that is given as a gift the new owner is the parent/grandparent and not the person who gifted the money. How can that be fraud?

stingy1

mike88 wrote: »

Your post is nonsensical on several levels. Not only was your first post a fabrication (if I believe you) you also suggest that it is inappropriate to give money to a parent/grandparent as a "no strings gift". Anyone can give their money to anyone else but when that is given as a gift the new owner is the parent/grandparent and not the person who gifted the money. How can that be fraud?

Yes you are correct I think I see what you mean now, as long as the person giving the money as a no strings gift rule then its all safe to do so.

le_loup

stingy1 wrote: »

My old mans 71 and gets his state pension and also pension credit on top, if he was to open a 10k or even 2x10k 3 year bonds would that not mess up his pension credit allowance and it would get deducted ?

My dad says if you show them you got 20k they will cut his pension benefit maybe not the pension but the pension credit, am unsure of this.

Too many details for this to be a fabrication. But even if it was - what's the point of couching your concern in such a weird way?

Newly_retired

Finally got my paperwork for bonds. Money taken from my account back in January, 19th and 28th, respectively. Took three phone calls and a complaint. I know they kept reassuring me the money was safe, but really their systems were not fit for purpose to cope with the inevitable demand.

jeallen01

Rollinghome wrote: »

Particularly when both pensioners and young Times journos alike can get 3%-5% from instant-access current accounts.

For many oldies, putting their £20k in a single Santander account paying 3% might be a better option than locking their money away for 1 year at 2.8% or for 3 years at 4.00%.

Just that, and there is another "perk", albeit small, to the Santander "123" current account:, you can get "cashback" on some Direct Debits if you have a reasonable amount in the account - see http://www.santander-products.co.uk/banking/calculator/cashbacksearch.html?data=vEOLIA.

In my case that will be at least the Council Tax, Sky, Virgin and (I think) Scottish Power (there are others) - which could add a reasonable, and non-taxable (!) "cash" benefit to having one of these accounts