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Why has NS&I removed the option for my client to make a withdrawal from their Index-linked Savings Certificates?
A fixed-term product is designed to be held for the full term purchased.
We continually review our products and monitor the market conditions as well as competitor and customer activities.
Removing the option to make a withdrawal brings us in line with the wider financial fixed-term investment market.
If your client thinks they might need access to their money before the end of the term, they might need to consider if this is the right product for them.
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Why is NS&I changing the index on Index-linked Savings Certificates from RPI to CPI?
In 2013, as a result of flaws in the way it is measured, RPI lost its status as a National Statistic. The 2015 Johnson Review of Consumer Price Statistics recommended that government and regulators should work towards ending the use of RPI as soon as practicable. Starting in 2010, successive governments have reduced their use of RPI. The indexation of direct taxes, benefits, public sector pensions, the State Pension and business rates have all moved from RPI to CPI.
The change also helps us to balance the interests of our savers and the cost to taxpayers.
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Will NS&I offer a Lifetime ISA?
We don’t currently have any plans to offer a Lifetime ISA, but we keep our range of products under constant review to ensure they meet the needs of savers.
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Will the change from RPI to CPI on Index-linked Savings Certificates affect my clients’ existing Certificates?
No, it won’t affect any existing Certificates your clients have until the end of the investment term. However, if your clients decide to renew any Certificates that mature on or after 1 May 2019, the index-linking on the renewed investments will then be calculated using CPI not RPI.
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You mention doing market research in the privacy notice, what is this?
From time to time we or our research partners may contact you to take part in surveys and other research to help us improve the products and services that we offer. If you don’t want to receive any market research invitations, just let us know.
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