{"id":43632,"date":"2023-11-02T23:58:55","date_gmt":"2023-11-02T23:58:55","guid":{"rendered":"https:\/\/cabanesetcompagnie.com\/?p=43632"},"modified":"2023-11-02T23:58:55","modified_gmt":"2023-11-02T23:58:55","slug":"pensioners-to-benefit-from-interest-rate-rise-pause","status":"publish","type":"post","link":"https:\/\/cabanesetcompagnie.com\/world-news\/pensioners-to-benefit-from-interest-rate-rise-pause\/","title":{"rendered":"Pensioners to \u2018benefit\u2019 from interest rate rise pause"},"content":{"rendered":"

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Pensioners are likely \u201cbenefiting\u201d from the Bank of England\u2019s decision to pause its wave of interest rate increases.<\/p>\n

Earlier today, the central bank confirmed the UK\u2019s base rate would remain at 5.25 for the second month in a row.<\/p>\n

Over the past year, the Bank of England has raised interest rates to mitigate the impact of inflation on the economy.<\/p>\n

As inflation has eased, the financial institution has opted to course-correct and relieve some of the pressure placed on borrowers.<\/p>\n

Experts are citing the end of further hikes to the base rate could assist older people or those making contributions to their retirement savings.<\/p>\n

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Becky O\u2019Connor, the director of Public Affairs at PensionBee, highlighted why the Bank of England\u2019s decision could assist pensioners and retirement savers going forward.<\/p>\n

She explained: \u201cExpectations of further rate rises have dampened – this looks like a point of rest for rates, before possibly falling again sometime next year.<\/p>\n

\u201cIf that\u2019s the case, the market volatility of the past few months could settle, benefiting pension savers who depend on investment performance to boost their pots.<\/p>\n

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\u201cFor those approaching or in retirement who have found managing their retirement and withdrawal plans stressful because of market ups and downs, this potential change in monetary policy direction might offer some respite.\u201d<\/p>\n

The pension expert warned that those relying on savings accounts will need to keep \u201cchasing\u201d higher rates on the market.<\/p>\n

Savers have benefited from the Bank of England\u2019s decision to raise interest rates as this has been passed on to the customers of banks and building societies.<\/p>\n