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Additional saving for retirement- Top post office retirement savings offer for the over 50s

Over 50’s fail to get savvy over savings for now & retirement...

· Nearly a third (31%) of over 50’s have most of their savings in current accounts

· 31% don’t feel confident they have enough saved for retirement

· Post Office® launches new Gilt Edge Bond (GEB) with rate of 125%

Over 50’s across the UK are losing out on millions of pounds of interest each year by hoarding their savings for now & retirement in their current accounts, according to new research by Post Office® Savings.

The study - which examined savings habits across the UK - reveals that nearly a third of over 50’s (31%) keep most of their savings in their standard current accounts, which in some cases pay no interest.

According to the Post Office® Savings research, the average adult over 50 years old has approximately £6,628 in savings.

In addition to the careless attitude to savings, Post Office® Savings also found that people are worryingly unprepared in planning for saving towards their retirement income, with 31% of over 50’s unable to state whether they had enough money to retire on.

One explanation for this lack of confidence could be bad investment experiences. Research from the Post Office® revealed

that half those who have invested money on the stock market have lost capital2. So it’s not surprising that nearly two thirds (63%) of over 50’s confirmed they are not prepared to take any risks with their investments

Claire Oldstein, Head of Savings at the Post Office® urged the over 50’s to make the most of their savings to avoid losing out in retirement:

“Our research shows that people approaching, and already in, retirement could be losing out by not considering all the options for their retirement savings. This is worrying news – especially bearing in mind current fears over the pension gap.”

For savers looking for the potential of a better return on their investment, but wanting to keep their capital safe, the Post Office® today announced the launch of two Guaranteed Equity Bonds (GEBs), offering the opportunity of a better rate.

Claire Oldstein continued: “Post Office® GEBs offer an ideal half-way house for retirement savers who are looking for investment opportunities but want to avoid sleepless nights by taking big risks with their capital”.

The new GEBs feature the option of investing over a three or five year period. As with previous offers the five year GEB will immediately become one of the best GEBs on the market providing a competitive participation rate of 125% of the FTSE 100 growth and guaranteed return of the original amount invested.

The offer period is open until 9th September, minimum investment is £500 and the deposit is guaranteed, enabling investors to make a smart bet on the stock market and ensure the return of the original sum invested.

Full product details:

Post Office® Guaranteed Equity Bond – five year term

· 125% participation rate

· Only £500 minimum investment

· Linked to FTSE 100-Index

· 4.5% interest rate during offer period

· Offer open from 11th July until 9th September

 

 

 

 

 

 

 

 

 

 

 

 

Post Office® Guaranteed Equity Bond – three year term

· 75% participation rate

· Only £500 minimum investment

· Linked to FTSE 100-Index

· 4.5% interest rate during offer period

· Offer open 11th July until 9th September

 

 

 

 

 

 

 

 

 

 

 

 

To find out more about the Post Office savings account log onto www.postoffice.co.uk/savings or call 0800 169 7500.

- Ends -

1ICM survey of 1044 adults conducted on June 24th – 26th 2005

2TNS survey of 1,000 adults conducted from 3rd-5th September 2004

About the Post Office®

With 14,600 branches across the country, the Post Office® is the UK’s largest retail and financial services chain in the UK. Its network is larger than all of the UK’s banks and building societies put together. Around 94 per cent of the UK population lives within a mile of a Post Office® branch and 28 million customers visit every week.

In conjunction with its partners, the Post Office® offers over 170 products and services including travel and financial services (including personal loans, car and home insurance), banking services, bill payments, lottery products, licence applications, phonecards and mobile phone top-ups, and postal services. It is the largest supplier of foreign currency in the UK and is a leading provider of travel insurance.

The Post Office® is also the biggest cash handler in the country – with more than £92 billion passing through its hands each year. 17p in every £1 in circulation goes through a Post Office® branch and around 400 million household bills are paid at Post Office® branches each year.

To find out where your nearest Post Office® branch is call 08457-223 344.

To get more details on the range, and availability of Post Office® financial services at your local Post Office® branch visit www.postoffice.co.uk.

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