A&L increases offshore pension rate

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A&L increases offshore pension rate

Alliance & Leicester has announced a 0.25 percentage point rise in the interest paid on its Offshore Pension Reserve Account.

Following the Bank of England's base rate rise, Alliance & Leicester will increase the interest rate on this account from 4.80 per cent to 5.05 per cent, effective from August 10.

The Alliance & Leicester account is available for self-administered pensions where a proportion is to be invested in cash.

Simon Hull, managing director of Alliance & Leicester International, said: "Alliance & Leicester International is committed to providing customers with consistently competitive offshore savings rates.

"And by linking the rates on these accounts to the bank base rate we have ensured that customers in these accounts have benefited from the recent bank base rate rise within one week," he added.

Guaranteed to remain at least 0.30 per cent above the Bank of England's base rate until February 2007, the account has reportedly been favoured by IFAs, as well as pension trustees and beneficiaries.

City analysts had not expected the rate rise until later in the year, and several banks have been criticised by consumer groups for delaying an increase in their savings account rates.

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