Teletext Recovery - 08/05/1984

P227 CEEFAX 227 Tue 8 May 21:15/41   1/3     FOCUS: NEW SAVINGS PLAN The Government is dismantling its now familiar regular savings scheme, the index-linked 3rd Issue Save As You Earn contract. In its place, from July 2, comes a new scheme to be known as the National Savings Yearly Plan. The return remains tax-free, and the principle of monthly contributions over five years remains intact. The return, however, will no longer be tied to the RPI, but will instead be fixed over the five-year term Books Page 228

P227 CEEFAX 227 Tue 8 May 21:24/27   2/3     FOCUS: NEW SAVIN S PLAN The introduction of a fixed return apart, the NS Yearly Plan departs from its SAYE predecessor in two ojher important respects. First, the minimum and maximum monthly contributions jump from £4 and £50 to £20 and £100. Second, the minimum period of monthly contributions qualifying for the full return is reduced from five years to just one. This yearly plan may then be repeated for one year at a time up to five. Books Page 228

P227 CEEFAX 227 Tue 8 May 21:24/07   3/3     FOCUS: NEW SAVINGS PLAN The (fixed) rate of interest paid by the new NS Yearly Plan has yet to be announced. It is likely, however, to represent an improvement on the 5.2pc currently paid out by the index-linked SAYE scheme. (The latter was paying nearly 27pc when first introduced, back in 1975). Savers wanting to jump on the inflation bandwagon have until May 31 to join the SAYE scheme. Otherwise, they can always put their spare cash into Index-Linked NS Certificates, which remain on sale. Books Page 228

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