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National Savings rolls on to pass Spam test of time

National Savings is marking the 25th anniversary of the introduction of

index-linked savings by comparing how life has changed since 1975.

A National Savings statement says: “Back in the summer of 1975, Bay City

Rollermania was at its height and the nation loved nothing more than

settling down with a Spam sandwich in front of Crossroads before heading

out for a night on the town in aFord Cortina.

“At the same time, inflation hit a record-breaking 26 per cent and

Chancellor Denis Healey introduced index-linked savings certificates.”

Index-linked saving certificates are lump-sum investments guaranteed to

beat inflation and can be bought for either two-year or five-year terms.

National Savings says the vehicle is standing the test of time well, with

£100 invested in 1975 being worth £654 now, an increase of 554

per cent.

Commercial director Christopher Moxey says: “The vagaries of fashion mean

some things which once upon a time were considered chic are now left

looking a bit ill advised. But index-linked savings certificates have stood

the test of time. They remain a safe, tax-free, no-risk home for people.”


IFAs told to make supermart choice

The fund supermarket war hotted up this week with latest entrantConsolidated Funds warning IFAs they must choose between the company orrival Fidelity.Consolidated has told IFAs it will be impossible to sign up to bothcompanies because they will experience operational difficulties.It says signing up to Fidelity means they risk missing out on Consolidated funds.Consolidated Funds chief […]

Portman ditches early penalties

Portman Building Society is offering a range of discounted, fixed, cappedand tracker mortgages with no early redemption penalties.The portfolio includes a mortgage featuring a 1.5 per cent discount on thestandard variable rate for two years and capped at 6.99 per cent untilAugust 2002.There is no valuation fee and a maximum loan to valuation of 95 […]

CGU stakeholder plans won&#39t usethe &#39friendly&#39 tag

CGU is setting up a group and individual pre-stakeholder pension but isavoiding the phrase “stakeholder-friendly” because it fears it couldconfuse consumers.The company says its plan, called Your pension @ CGU, plan meets all theGovernment&#39s minimum requirements for stakeholder com- patibility in termsof its char-ging structure and flexible contribution levels.CGU believes the term stakeholder-friendly challenges issues […]

Polar expedition reaches another milestone

The industry is waiting anxiously for the latest pronouncement onpolarisation. Due later this month, it could have major ramifications forthe fate of independent advice.The findings of a study by consultants London Economics are expected to bepublished at the end of the month. The FSA commissioned the study to informits decision on whether to change the […]


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