Submitted on Monday 26th November 2018
Published on Wednesday 5th December 2018
Current status: Closed
Closed: Wednesday 5th June 2019
Signatures: 3,680
Tagged with
Protect hundreds of thousands of savers by preserving NS&I's use of the RPI
Reverse Treasury-backed NS&I's decision to switch the formula for increasing its index-linked savings certificate from the RPI to the CPI from May 2019 – and protect half a million pensioners' incomes.
Around 500,000 people hold NS&I's index-linked savings certificates. From May 2019 NS&I is switching its measure of inflation from the retail prices index to the consumer prices index.
This will lower the interest the certificates pay as CPI is usually lower. NS&I says the switch is in line with Government policy. Yet rail fares and student loans increase with RPI. The Government should honour the original terms of the certificates until such a time as taxpayer costs are also increased with CPI.
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