Change in Bonus Rates for SAYE Sharesave Schemes
February 17, 2009 by Scott
Filed under Accountancy News
The Government today announced changes in the bonus rates for the Save As You Earn (SAYE) Sharesave scheme that will maintain them in line with other interest rates.
SAYE is one of a number of Government initiatives promoting wider employee share ownership.
The bonus rates were last changed on 27 December 2008.
The new bonus rates effective from 17 February 2009 will be:-
| Contract Type | Bonus Rate(Previous rates in brackets) | Annual Equivalent Rate (Previous rates in brackets) |
| 3 Year | 0.6 x monthly payments (1.5) | 1.08% (2.67%) |
| 5 Year | 2.6 x monthly payments (4.8) | 1.67% (3.04%) |
| 7 Year | 5.6 x monthly payments (9.3) | 1.98% (3.20%) |
The Early Leavers’ Rate will be changed from 2% to 0.5%.
Employees who sign up to SAYE will receive the bonus rate for the relevant contract that was in force at the time they joined the scheme. They will not be affected by future bonus rate changes.
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