Pensioners hit by interest rate cut

Fri, 09 Jan 2009

The Bank of England’s decision to cut interest rates by 1.5 per cent is causing concern amongst savers and pensioners . With many pension schemes already in trouble, elderly people who rely on savings to top up pensions could be in real trouble.

The Director General of Age Concern, Gordon Lishman, reportedly commented: "There will undoubtedly be many older savers left feeling penalised for their prudence. Many older people who rely on the interest from modest savings to top up their income will be anxiously counting the cost of recent cuts; particularly as so many are already struggling to pay high household bills."

He reportedly continued: "Older savers should ensure they are making the most of their money by checking they are not over-paying the tax on their savings and shopping around if they feel they are getting a poor deal."
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