For our Silver Surfing Savers.

[AlanHo]

Daily Mail Article

Over the past two years, hundreds of thousands of pensioners have opened age-linked accounts, which give higher interest rates than accounts open to all savers.

Organisations offering the accounts include Northern Rock bank and building societies Nationwide, Birmingham Midshires, Coventry and Skipton.

Fears that these accounts may be closed stem from impending equality laws that for the first time would stop businesses discriminating against customers on the grounds of age.

Paul Cann, director of policy with charity Help the Aged, says the new laws are essential. 'We're witnessing widespread, unacceptable discrimination against older people in almost every walk of life,' he says.

The laws could have big benefits for older people, stamping down on companies that wrongly refuse them credit or massively raise premiums for motor or travel insurance once someone reaches 65.

But one unfortunate side effect could be to ban savings accounts that pay extra interest solely on the grounds of age.

Stewart Dickey, policy director at trade body the British Bankers' Association, says: 'If we cannot get exceptions agreed, then it will be difficult to market these accounts.'

The Government's own Pensioners Guaranteed Income Bonds for the over-sixties, provided by National Savings & Investments, could also be caught up in the legislation.

Nony Ardill, policy officer with charity Age Concern, says: 'We think we should take a fresh look at the whole issue of age discrimination. We have a culture where it is seen as acceptable to treat customers differently just because of their age.'

Age Concern recognises that some measures currently benefiting older people may have to be sacrificed. Ardill says exemptions from the law should be granted only where absolutely necessary.

A consultation on the proposed Single Equality Bill ends on Tuesday, with draft legislation the next step.

The Department for Work and Pensions, which is handling the consultation, says: 'Responses to the consultation will be carefully assessed.'

The DWP says it may be possible to write rules that 'tackle harmful age discrimination but continue to allow neutral or harmless differentiation based on age'.

I was under the impression that the new legislation was to help us old 'uns - but it seems to spell doom for Saga and a number of savings accounts where I keep my pennies. It's a crazy old world.

[Watchful]

I read about this in the SAGA.

[andsome]

So much legislation since this government has been in power, and I don't mean just Brown, I mean the B'liar bunch as well, has been very ill thought out. They don't have a clue.