The Chancellor George Osborne launched the new National Savings & Investment Pensioner Bond at an event held near Cannock with local pensioners and attended by Prospective Conservative MP Amanda Milling.

The Pensioner Bond which went on sale on Thursday 15 January is available to people aged 65 and over will offer market-leading rates and support people who rely on their savings in retirement. Two bonds are being launched:

• A one year bond will offer returns of 2.8 per cent gross/AER interest

• A three year bond will pay 4 per cent gross/AER interest

£10 billion has been made available to allow these bonds to be issued – this should ensure these bonds are on the market for a period of months, giving those pensioners who wish to take advantage of the rates plenty of time to do so.

Amanda commented: “It was a pleasure to welcome the Chancellor George Osborne to the Cannock area where he met with local pensioners at an event where he launched the new pensioner bond. I know that many of the attendees were very interested in the new bonds and I have had many people ask me for further information about them.

“A key part of our long-term economic plan is to support savers and boost hardworking peoples’ financial security at all stages of life. That’s why we’ve introduced government-backed savings bonds for people aged 65 and over that pay the best interest rates in the market. They have already been a huge success and because this is the biggest ever retail bond offer, these bonds will be available for many months.

“This is great news for pensioners in Cannock Chase. It’s time savers were rewarded and these bonds do that by giving older savers the certainty and comfort of a good return over the life of their investment.

“I would urge anyone who would like further information about these new bonds to please contact me.”