tpo insight issue 4 2015

1Issue 4

TPO Insight ISSUE 4

MORE TAXING WORK ON TRUSTS

WHERE DOES YOUR PENSION FUND GO ON DEATH?

INVESTMENT COMMENTARY

CHANGES TO LONG-TERM CARE

WHY YOUR VOTE COUNTS

2 theprivateofficellp.com

In this edition you will hear from some of our colleagues explaining and sharing our view on some of the stories behind recent financial

headlines, as well as hopefully sharing some of the things we believe you may find of interest.

After the sneak preview in our last edition, we are very plea e to co firm that e have o la che o rnew website. We hope you will have an opportunity to visit the site and let us know what you think. Our mar eti team have i ve te a reat eal of e eri to thi pro ect il i a platform that ill alloto create a pace that o ca vi it for i formatioi i ht fact a fi re . or i till o oi to fi ali ea il a ec re clie t lo i area hich e loofor ar to tal i to o a o t i the ear f t re.

r charit elete loo ca cer.or haco firme via ocial me ia the have ha a i ifica ti crea e i the re e t to oi the tem cell o orre i ter. e alo ith o r part er o famil afrie have ee or i har to promote thi ca eto all ho ill li te a e hope e have ha omeimpact o thi reat re lt. a i e e co ti eto pport thi charit a other ith f rai ii itiative a o ill hear later i the e letter omeof the activitie e are pporti .

e hope that o e o thi e itio of i ht ao l elcome a fee ac o have o thi or a

other a pect of he rivate ffice.

Best wishes

Welcome to our latest Newsletter.Following the recent, and sometimes frantic, election campaigning and the surprise result we hope you will enjoy the peace and tranquillity of our latest edition of TPO Insight.

Stuart PhillipsCEO

Alistair CallanderCEO

3Issue 4

ROBERT MORSE

The big news of the moment is that the Greeks have voted ‘no’ to more austerity, losing Varoufakis their Finance Minister in the process,

and are now voting on terms from their creditors that are harsher than those rejected in their referendum. I have always found ‘game theory’ very confusing and no doubt more than one Greek politician feels the same way now!

e e i ra ce a the talia i a ce i i ter havee te that the hole e ro pro ect ee re

eval ati hich m t e ca i r ctio i r ela erli . he hi e e have tl ot i o the acttoo. ollo i the victor ep t hi e e oreii i ter he opi po e to o r ali t a i

elieve the ree eco om ill t rro a the eco omic cri i ill eappropriately handled. Whether or not it can be appropriately handled will ot o l have a importa t impact oreece a it people t ill have a

importa t impact o the orl too .

he ia have ee tra el ile t t ti till harai e to eal ith a ma ot a t to p et the

over m ch ri ht o . he tate epartme t ill al oe havi a ta tr m at the tho ht of the ia eet

i the ea ter e a reece i the ia ve tme tBank let alone the fall out on Wall Street if/when the e t omi o fall Faites vos jeux pai ort altal ra ce

o the ha oi e the fra poi ti o t hatthe ree have ee a i thro ho t that theire t i hi hl tai a le or ca the ro their

eco om to pa ac hat the o e. o he oito pri t e e pect the mar et to remai i a tate of

. e are ot tempte to catch a falli ivehile thi e t chapter i the overr i e ro a a

plays out.

o provi e ome per pective reece ma o e am ch illio e ro t the a al et iillio e ro a at time e have o e m ltiple of

o r . e are ot a i thi i a favora le po itiot it i ot e . he real challe e eem to e that

the current debate is all about politics, and not the eco omic of the it atio .

GREECE HAS MORE THAN €310 BILLION IN OUTSTANDING DEBTS

Investment CommentaryIt has been very difficult writing this article and not sounding dated by the morning.

UNITED KINGDOM GDP GROWTH RATE

EFSF LOANS . bn .

GREEK LENDING FACILITY . bn .

PRIVATELY HELD BONDS . .

IMF LOANS . .

ECB . .

T-BILLS . .

SHORT-TERM REPO . .

BONDS HELD IN ANFA’S . .

OFFSHORE LOANS . .

BANK OF GREECE LOAN . .

o rce i a cial evie omm a


o to a terit t a ma ate to ta ithithe e ro o e ill ot or le the e i ticre itor mai l the ropea e tral aa the ter atio al o etar a reeto e t for ive e . ve the co ti i e romem er hip ill t tart the hole rotte proceover a ai . o importa t i reece to the re tof rope tr th ot ver le tha of

t if the are ot ept i the fol the r m li ipai tal a ra ce ill ai i vol me a theroi a a t ill have a erio pro lem.

e are oi thro h a perio of mar et volatilitin both bonds and equities that we have not seen for ome time a eepi ome po er rco ti e to ma e m ch e e. f there i a erioi locatio i reece the there ill o o t ehort term opport itie to i to rope tremem er that the threat of co ta io ill thee hi her.

a the ca e i a o mar et have eeo over the mo th a ot itho t perio

of volatilit . it mar et have al o tre eo ar a the certai tie rro ireece a the e ro a the i tere t rate re ime

in the US have been a concern. European equity mar et have perhap rpri i l performeetter tha e pecte ith eve the the

i e prett m ch at for the mo th. he hi e ele that e a e p la t mo th ha at la t

r t the ha hai hare i e o earli er ee . e co ti e to e le

tha o r f ll ri et i o r e eavo r et o ro r mo el portfolio have hel p ver ell overthe pa t mo th . e till elieve that val atioi oth e itie a o are i the mo t partver rich. here ill e opport itie to move aci to love ector a e ill have fficie tamm itio he that time come .

here i al a a a er ith i ve ti that esearch too hard for cause and effect when, in fact i ve tor are falli le h ma ei a ofteallo their emotio to create irratio al ehavio ra hort term moveme t ma e rive am ltiplicit of co ecte rea o . t i o l overthe lo er term that the e eve t fa e a olo er hol the i ifica ce that the appear tohave i the mome t. he e t protectio a ai tthe caprice of mar et i to have a lo term plaa o t orr too m ch a o t eve t o theo r e t eep foc e o the oal.

UK NATIONAL DEBT

%

300

250

200

150

100

50

0

1692

1702 1712

1722

1732

1742

1752

1762

1772

1782

1792

1802

1812

1822

1832

1842

1852

1862

1872

1882

1892

1902

1912

1922

1932

1942

1952

1962

1972

1982

1992

2002

2012

EDUCATION

WELFARE

HEALTH

PENSIONS

REMAINDER

TOTAL SPENDING: £747 BILLION

FUNCTION

Total Spending £746.6bn

Pensions .

Health Care £135.1bn

Education .

Defence £43.2bn

Welfare .

-YR 2016 +YR

o rce i ipe ia.com

o rce e timate pla e

5Issue 4

TPO VIEWA

he ta le elo ho o r c rre t vie acro all a et cla e i term of the relative ei hti of each a etcla a ai t o r o trate ic a et allocatio

ASSET CLASS VIEW TPO VIEW LAST MONTH NOTES

Government Bonds evelope mar etconventional Ø Ø Short dated and absolute return

trate ie preferre

evelope mar et i atiolinked Ù Ù he e a ai t f t re i atio

mer i mar etconventional Ø Ø o ti i ollar tre th ill e

an issue

Corporate Bonds ve tme t ra e Ø Ø Too expensive

i h iel Ø Ø iel a prea too lo to tifrisk

Equities Ù Ù ar e cap mori mall ami cap over e te e

US Ø Ùoo i i crea i l e pe ive tmome t m ma ta e theto 2,250

rope e Ù Ù ma help erma a re chmar et t reece till the i e

ia e apa Ù Ù ttractive lo term t e a areof ollar tre th

apa Ù × itial p i e tar et ha eereached

mer i ar et Ù Ùo term val e e peciall hi at ollar tre th a commo it

weakness a concern

Commoditiesol recio Ù Ù a e approachi attractive

i level if pport hol

Industrial Ø Ø he per c cle appear to havecome to a e

CurrenciesUS Dollar × ×

e efit from ei the maireserve currency but be aware of

i itiative ia hi a

Euro Ø Ø tr ct rall challe e

apa e e e Ù Ø terli ha earl reachetar et

Key

× ver ei ht compare to trate icallocation

Ùe tral po itio compare totrate ic allocatio

Øer ei ht compare to trate ic

allocationa t performa ce i ot a relia lei e to f t re performa ce.

theprivateofficellp.com

NIGEL YEO

Following substantial changes in legislation to the treatment of death benefits arising from pension funds on death we feel it is important

to highlight the necessity, for each and every client, to regularly review the existing Nomination of Beneficiaries Form or Letter of Wishes or Trust arrangements they have in place in regard to their pension schemes.

t i importa t eve if o o l i h to leave e efitto a rvivi po e that o e re o r pe iocheme ha the appropriate omi atio or etter of

Wishes in place to direct the trustees on the distribution of e efit i the eve t of o r eath. hi ill e rethe proceeds are not included in your estate thus avoi i a ela ith pro ate a al o avoi i apote tial char e to i herita ce ta o the procee .

rther cha e that allo eath e efit er ape io cheme to e either ta e a a l mp m

or to provi e a o oi i come to the omi atee eficiar mea that the f ame tal approach i

the a i hich omi atio have ee p t i placei the pa t ee to e rea e e a for mo t clie tcha e are li el to e ee e . hi o l i cl ethe a ilit to omi ate a i e ra e of e eficiariei cl i i tit tio or i ivi al o t i e of theimme iate famil a ell a completi a etter ofi he for the tr tee to i e them a hom oo l i h to e efit a to hat e te t epe e t

o a ra e of circ m ta ce .

t i e tremel importa t o revie all o r e i tiarra eme t i re ar to the e ti atio of eathe efit o o a o r famil ca ma imi e o thee i ilit i tro ce the e le i latio .

he ta le oppo ite etail the mai cha e i eathe efit ho l eath occ r efore or after .

Where does your pension fund go on death?

It is extremely important you review all your existing arrangements

Issue 4

Death benefits at a glancehe cha e ca e erall e mmari e a follo

Death benefits before 75:

Before 75 Old rules New rules

Lump sum cr talli e ftax free.

r talli e fta .

Tax free (but note that if

uncrystallised funds

are paid out after two

years, it’s subject to 45%

tax, or marginal rate

from 2016/17)

Income a e a i come

Option only available to dependants

Tax free if taken via e e i le i come or

annuity (but note that if

uncrystallised funds

are designated for

drawdown or buy an

annuity after two years,

income tax will apply)

Drawdown or joint life annuities can be paid to a e eficiar

Death benefits after 75:

Post 75 Old rules New rules

Lump sum ect to ta ect to ta (marginal rate from

2016/17)

Income a e a i come.

Option only available to dependants.

a e a i come.

Can be paid to any nominated beneficiary

Drawdown or joint life annuities can be paid to a e eficiar

he follo i ca e t provi e a e ample of thee e i ilit i actio

Succession Planning using pension death benefits oa ho ha a e i acce ra o pe iocheme pa e a a a e o e ith

£300,000 of unused drawdown funds left. Before he ie he omi ate her o er i ter eth a aomi ee . he oa ie eth ca e i ate theeath e efit i to a e i acce ra o a if he

choo e ra i come. f he oe ta e i come heo l pa ta at her mar i al rate eca e oa a

he he ie .

However, Beth is independently wealthy and still or i o he eci e ot to ta e a i come.tea he omi ate her ra o a a cce or

a he he ie he ca e i ate the remai if i to e i acce ra o i hi o amea choo e hether to ta e i come leave the fi ve te til a f t re ate or pa them o to the e te eratio of hi famil .

Notes: A nominee can be any individual other than a dependant, who is

nominated by the scheme member (where there are no dependants

and no individual or charity has been nominated by the scheme

member, any individual nominated by the scheme administrator).

A successor is someone who inherits any unused drawdown funds (but

not uncrystallised funds) on the death of a dependant, a nominee or

another successor.

Successors are individuals, who can also be a dependant of the

scheme member, who have been nominated by a dependant,

nominee or successor of the member (if no nomination has been

made, they can be nominated by the scheme administrator. Note,

however, that members cannot nominate successors.

There is no limit on the number of successors who can benefit from unused drawdown funds. This means it is possible to pass unused

drawdown funds through multiple generations when dependants,

nominees or previous successors die.

Please contact your adviser TPO if you would like to review this matter

prior to your next scheduled regular meeting.


Data Manipulation

STEPHEN BROWN

A Day in the Life of…

Checkingemails

. .

40% INTERNAL EMAILS:issues, requests and questions

40% FUND MANAGERS:updates and potential new funds

20% MARKET OUTLOOKS:p ate o eco om

Online Dealing. . 6 CLIENTS

MODEL MOVE ASSET ALLOCATED BALANCED

£424,626132

1OBJECTIVE SWITCHES 2 PROPORTIONATE

SELL DOWN1LINK AND REBALANCE1 1

WORKSHEETS8

COLUMNS OF DATA159

ROWS OF DATA4362

1

24 CLIENTS900ACCOUNTS2446 ISAs614

. .

TRA

DED

Issue 4

Fund Manager Meeting

Fund Research

. .

. .

FUND MANAGER1INVESTMENT CO-ORDINATORS2

12

LAUNCH DATE

EXTERNAL

TOOL

1

POTENTIAL FUNDS6POTENTIAL FUND HOUSES5

POTENTIAL FUND MANAGERS5 1

POTENTIAL SECTORS2QUANTITATIVELY

SCREENED TO:

POTENTIAL SECTORS4

FILTERED TO:POTENTIAL FUNDS1,295

POTENTIAL SECTORS273 POTENTIAL

FUNDS12,134

POTENTIAL INVESTMENT ASSOCIATIONS: ASSOCIATION OF INVESTMENT COMPANIES (AIC), INVESTMENT TRUSTS (IT), FCA OFFSHORE AND GLOBAL EXCHANGE TRADED FUNDS (ETF)

35

DATA TABLES4

4


Changes to long-term care

PATRICK FORDHAM

Despite the headlines and political party uproar concerning the future of the long-term care system in England that followed the

publication of the Dilnot Commission report in 2011, the main provisions of the Care Act 2014 came relatively quietly into being on 1st April 2015.

The legislationhe e le i latio i ei pha e i overear here i itiall from t pril the ol

i a ce har i for e i e tial areccommo atio i e i ei per e e thee le i latio are a pport tat tor i a ce .

he mai river of the e le i latio a to e thepo tco e lotter t le tem herei the level offi a cial pport a the t pe of care receive adependent upon the local authority area in which you lived.

e erall ocial care i cotla ale a ortherrela ha ee evolve from e tmi ter. hee le i latio applie o l to local a thoritie ila a i aime at a lt care for people over

the a e of . er the e le i latio there ho lbe consistency across the country in the way local a thoritie carr o t a e me t a etermi eeli i ilit for pport. he ct impo e a reater tof care upon local authorities to ensure, not only the ell ei of the er t al o of the or er i the

care industry.

he e le i latio al o re ire the local a thoritto ensure individuals in need of care have access to i epe e t fi a cial a vice hich i proportio ate totheir needs.

here i al o for the fir t time a i epe e t appealtem to challe e local a thorit eci io over the

eli i ilit for care a pport.

he eco part of the le i latio a ori i alli te e to come i to effect o l ai cl e the i tro ctio of the are ap o fee of

hich ill appl to a lt over a o era lt er the a e of ith i a ilitie . o ever o

l the over me t a o ce it i te tioto efer impleme tatio of ta e limiti the co tof care to p.a. til . a tateme t theepartme t of ealth ai it a till firml

committe to the cap.

Assessment for financial supportf a local a thorit choo e to char e the the areo li e to fi a ciall a e that per o i come acapital. hil t the treatme t of i come ill epeo the t pe of etti a per o i receivi care i thetreatme t of capital i roa l the ame for all etti .

If a person has capital resources, currently above the that per o ill e eeme to have

fficie t a et to meet the f ll co t of their o care.or tho e ith a et er the ch a et ille i re ar e the local a thorit he a e i

whether or not a person can afford to contribute to ar care co t . here a per o capital fallet ee the e t o limit the the ill e re ire to

ma e a co tri tio to their care co t o a tariffi come from their capital.

Deliberate deprivation of assetsWith the introduction of the Care Cap, the need for ome of the comple lo term care pla i e have

seen undertaken in the past could wane in popularity.

e of the imple t a to remove capital fora e me t of care co t p rpo e a to i ve t via lifea ra ce policie ch a i le premi m i ve tme to . o ever the have o ma e it clear that

co i eratio i c rre tl ei ive a to ho chi ve tme t ho l e treate i the f t re.

Issue 4 11

The new rules also state that certain capital pa me t capital paii talme t ho l e treate ai come. hi co l catch re larith ra al from i le premi m

i ve tme t o hich ere i placeat the time a per o fir t ecomeliable for care costs. On the other hand the i a ce al o tate that herea i ve tme t o i cl e o e ormore eleme t of life a ra ce policiethat co tai ca hi i ri ht aof options for total or partial surrender, the the val e of tho e ri ht m t ei re ar e a a capital a et i the

fi a cial a e me t .

o fort atel the e le i latio tillleave the po itio clear i re ar tothe treatme t of capital hel i i lepremi m i ve tme t o a e illee to a ait f rther clarificatio from

the DH.

If a local authority decides that deliberate deprivation of assets has been used to reduce or avoid care costs then they can still treat the person a o i the a et he a e i thecontribution required towards care costs.

To prove deliberate deprivation of assets a a thorit m t ati f them elve that

at the time of a et i po al the per ohad a reasonable expectation of the ee for care a pport

avoi i the are a pporthar e a a i ifica t motivatio

and/or

there was a resonable expectation of the need to contribute to the cost of their eli i le care ee .

Care costs will still continue to be a i ifica t i e for ma e peciall amo t people ill i h to have the choiceof their care facilit rather tha eiplaced in an institution of the local a thorit choo i .

The Act imposes a greater duty of care upon local authorities to ensure, not only the wellbeing of the users, but also of the workers in the care industry.


ALEX HATFIELD

The election is finally over and, with a result that surprised many (especially the pollsters), the Conservative Party now have complete

mandate to govern. It’s worth looking at the commitments they have made over the life of the coming parliament as, if all enacted, we could be living in quite a different UK by 2020.

The big promises:refere m o mem er hip of the .

o f rther i te ratio ith the ro o e.

etai ri e t a il a e eet of clearmari e .

Invest £100 billion in infrastructure.

a rpl a tart to re ce e t.

atio al ivi a e to ri e to ho r.

ear iver al perfa t roa a for r ral area .

The contentious promises:free vote i parliame t o the repeal of theti ct.

crap the ma i ht ct a i tro ce a riti hill of i ht .

ree e the lice ce fee.

The promises that impact your pocket:o a ove i atio rail fare ri e til .

herita ce ta il rate a to ri e to millio forco ple from pril here o r mai re i e cei left to o r chil re or ra chil re . hi ill eachieve the i tro ctio of a tra fera le maire i e ce allo a ce of per per o . hitaper to a ormal co ple allo a ce ofhe a et e cee . millio .

To raise the threshold for the 40p tax band, so nobody ear i er p.a. pa hi her rate ta .

o ta e ever o e ear i le tha p.a. o tof i come ta

triple loc promi e that come a atio alra ce a ill ot ri e over the life of the

parliame t.

And when we retire:o co ti e the triple loc promi e o tate pe ioo that the ill ri e a mi im m of . p.a.

tro ce a cap o re i e tial care char e

rotect the co ti a ce of pe io er e efit cha free pa e pre criptio lice ce a thei ter el llo a ce.

For your children:il tarter home .

o le the free chil care allo a ce for earolds to 30 hours.

pe more free chool .

Why your vote counts

Some of these promises have already been addressed in the Chancellor’s Summer Budget. To receive your copy of our commentary on the budget please contact us on 0845 145 0115 or at [email protected].

13Issue 4

JONATHAN RITTERBAND

The Finance Act 2006 is a distant memory but the changes introduced by Gordon Brown to inheritance tax (IHT) in that Act are only now

coming home to roost.

he cha e to the r le i the i a ce ctmea that mo t o e empt tra fer i to mo ttr t are cla ifie a char ea le lifetime tra ferpote tiall creati a perio ic char e if theval e of the tr t e cee the il rate a c rre tl

at the th a iver ar of the tr t creatio .

he la re ire tr tee of tr t that e cee ofthe il rate a o their th a iver ar to reportthem to eve e tom re ar le of hetheror ot the are ect to a perio ic char e.

he e e re ireme t ill effectivel appl to atr t reachi it th a iver ar o or afterarch a tr tee ith a o li atio to reportill have to o o ithi mo th of the a iver ar .

More taxing work on Trusts

The law requires trustees of trusts that exceed 80% of the nil-rate band on the 10th anniversary to report them to HM Revenue & Customs


WAYNE VERNON

F rom the 3rd July 2015 the FSCS are introducing a new category of compensation for bank and building society deposits for ‘temporary high

balances (THBs)’ where the compensation limit will be £1million instead of the normal £85,000 limit. They are also providing further protection for annuities.

THBser o al epo it hel ith a a or il i ociethave the e efit of the ta ar compe atio limitof ho l a firm e eclare i efa lt aetermi atio that epo it are availa le . he e

cate or ill i crea e the limit to millio for amo th perio i relatio to epo it ma e from the

follo i activitie

rocee from the ale of o r mai re i e ce.

rocee from life i ra ce policie i cl i p reprotectio a e o me t policie .

etireme t l mp m from pe io cheme .

eath i ervice pa me t pai from aocc patio al pe io cheme.

ivorce ettleme t .

ompe atio pa me t ari i from a per o ali r claim.

ompe atio pa me t ari i from ro f lconviction.

hi i a elcome a itio to the cheme alo over e i o r opi io .

AnnuitiesPension and/or life annuities have always enjoyed a hi h level of protectio er the a theforer er cheme . rre tl the protect tho eho lo term i ra ce pro ct i cl i

a itie p to of the val e of the f ith opper compe atio limit.

ith effect from the r l the hai crea e the amo t of compe atio it ill pa to

of a f if the provi er ecome i olve t.

Financial Services Compensation Scheme (FSCS) raises compensation limits

15Issue 4

JANE READE

Following the failure of Equitable Life the government established a scheme in 2011 to compensate policyholders who suffered financial

loss due to maladministration by the regulator. To date the scheme has paid out approximately £1 billion to 87% of eligible policyholders.

hi et tateme t the ha cellor a o cethat the ita le ife a me t cheme ill clo e toe claim o ecem er . t i elieve that

appro imatel eli i le claima t have etto come for ar . f o or omeo e o o helan Equitable Life policy and has yet to contact the pa me t cheme a mi i trator e o l r e oto ta e actio efore the clo i ate. he chemea mi i trator ca e co tacte o 0300 0200 150. rther i formatio o the cheme ca e acce e

at www.equitable.co.uk/policyholders/government-compensation-scheme.

136,000 Equitable Life policyholders still to claim compensation

A Deed of Variation is a legal document which allows a beneficiary under a will to redirect part or all of their inheritance to another person and,

in some instances, this can reduce the inheritance tax payable on an estate and vary the tax treatment of a asset so that capital gains tax is not payable.

he over me t i foc e o re ci the eficita i co cer e that ee of ariatio are eie p rel to ai a ta a va ta e rather tha

to address uncertainties in poorly drafted wills or to re irect a et to more ee famil mem er .

he aim of the co ltatio i therefore to e ta li hthe e te t to hich ta pla i i rivi the e ofee of ariatio . he co ltatio ill co ti e tilcto er after hich time the over me t ill

co i er hether a cha e i le i latio i ee e . eill eep o i forme of evelopme t a the ari e.

the mea time e recomme that o chec o re i ti ill to e re the re ect o r i he a if oare a e eficiar co i eri var i a e e t i aee of ariatio that o co tact o r le al a vi er

and ensure these are actioned as soon as possible.

HMRC starts consultation process on Deeds of VariationIn his spring budget the chancellor announced his intention to review the use of Deeds of Variation.


KAY KILBURN

In September this year 15 intrepid volunteers, including partners Patrick Fordham, Stuart Phillips and Robert Morse, will be attempting

to walk Yorkshire’s three tallest peaks. Covering a distance of 24.5 miles, the team will attempt to complete the walk in less than 12 hours.

oi thi e hope to rai e for ee a ea cer r t a the l heimer ociet .he ee a e a cer r t i the o l charite icate to improvi the alit of life a

cha ce of rvival for o people et eethe a e of a ho have ca cer.i e i e the l heimer ociet ee to improvethe alit of life of tho e affecte eme tiai la ale a orther rela .

Your donation will help us hit our £2,000 target so please access the justgiving.com links below to donate now.

www.justgiving.com/TPOThreePeaksChallenge or www.justgiving.com/TPOThreePeaks

ha o for o r pport

TPO Three Peaks Challenge

Issue 4


Each quarter we bring you a review of the best rates for cash deposits on behalf of our sister company,

Savings Champion. Please note that as well as personal and business accounts, Savings Champion also offer services for both charities and trusts.

or more i formatio vi it www.savingschampion.co.uk or contact Anna Bowes on 0800 321 3581.

Latest Savings Rates

Issue 4

Personal AccountsAccount Name Minimum Gross Rate AER

Easy Access Account BM Savings £1,000 1.60% 1.60%

Notice Account Secure Trust Bank £1,000 2.05% 2.07%

Personal Fixed Rate Bonds

Account Name Minimum Gross Rate AER

1 Year Term Paragon Bank £1,000 2.07% 2.07%

2 Year Term Secure Trust Bank £1,000 2.33% 2.33%

3 Year Term Charter Savings Bank £1,000 2.65% 2.65%

4 Year Term Charter Savings Bank. £1,000 2.75% 2.75%

5 Year Term Paragon Bank £1,000 3.06% 3.06%

Personal ISAs


Easy Access Account National Savings & Investments £1 1.50% 1.50%

Notice Account Hinckley & Rugby Building Society £500 1.60% 1.60%

Personal Fixed Rate ISAs


1 Year Term Virgin Money £1 1.71% 1.71%

2 Year Term Virgin Money £1 2.00% 2.00%

3 Year Term State Bank of India £5,000 2.10% 2.10%

4 Year Term Julian Hodge Bank £5,000 2.15% 2.15%


Business Accounts


Easy Access Business Account State Bank of India £10,000 1.49% 1.50%

Notice Business Account Secure Trust Bank £1,000 2.05% 2.07%

Business Fixed Rate Bonds


1 Year Term Aldermore £1,000 1.90% 1.90%


3 Year Term Bank of Cyprus £1,000 2.46% 2.46%



Rates correct at 20.07.2015


The Private Office is a trading name of The Partners of The Private Office Limited Liability Partnership, authorised and regulated by the Financial Conduct Authority (FCA).

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tpo insight issue 4 2015

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