Pension credit can contribute to solid savings

Friday, December 30, 2005

Leeds Building Society is using an historic example to encourage those of pension age to make investments and deposit money in savings accounts.

The building society has revealed that in 1909, when the first pension was introduced, the equivalent of 25p a week was given to every citizen over the age of 70 with a weekly income of less than eight shillings.

Leeds also points out that the provisions offered for pensioners nowadays are far superior, with tailored savings accounts, insurance discounts and other initiatives aimed at pensioners.

"We have created a branch-based passbook account paying 4.50 per cent, where customers can keep a record of their transactions and get instant access to their funds, without notice or penalty," said Gary Brook, Leeds Building Society PR manager.

"It is available to people aged 50 years and above, and only requires one pension credit to be paid in on a regular basis, either weekly or monthly."

The account that Leeds Building Society offers is the latest method of encouraging pension savings, something that the building society says has obviously changed in the time since 1909.

Need to know more about pensions? Click here:
http://www.europinions-finance.co.uk/pensions/pensions/