granny bond

The certificates used to be known as "Granny Bonds" because they were originally only available to savers who were over the retirement age.

One SAE applauded an AE who had come out with this line about futures: "This stuff is granny bonds, it's so simple."

This could then be used for indexing State Pension, Granny Bonds aka NS&I Index-linked Savings Certificates (the latest vesions now yielding -0.2%, but tax-free!!!)

As a man of action - as he never tired of telling people - he had stuck his multi-million-pound Granny Bond idea together on the back of an envelope in a couple of hours after the introduction of Budget changes which made it possible.

Thornton was an unusual choice: his fame sprang from his period as chief executive of the Abbey National building society, where he had swept aside years of tradition, brought in a new management style (he was very proud of having abolished fifty-one committees), and had enormous success with initiatives such as Granny Bonds.