Navigating Sharesave maturity: a clear path amidst changes

As we celebrate the latest Sharesave changes around bonus rates on plans launched since August, now it’s crucial to shine a spotlight on the plans maturing in the coming weeks and months.

Maturity communications play a pivotal role in ensuring participants are up to speed, especially with the confusion that may come up with CGT changes and new plans having interest and bonus rates.

In the evolving landscape of Sharesave, recent changes have become common knowledge for those joining this year’s plans. However, it’s equally important to address the nuances of older plans reaching maturity. One key aspect that demands attention is the 14-year absence of bonus rates for plans launched before 2023.

How does this look in practice?

For clarity, let’s delve into the specifics. For example, you can update your brochure or other assets, with a clear statement around the changes. A direct and concise message or statement aims to dispel any confusion among participants expecting a bonus payment for maturing plans. By addressing this proactively, we strive to manage expectations and ensure a seamless experience for participants as they navigate the maturity of their Sharesave plans.

Additionally, we should draw attention to another crucial change to be taken into consideration within your communications strategy: Capital Gains Tax (CGT). As outlined in a recent article, participants need to be aware of potential tax implications when selling shares and making a profit. Last year it was confirmed that the tax-free allowance for CGT would be reduced from £12,300 to £6,000 in April 2023. The individual personal allowance will go down to £3,000 from April 2024. This change to the allowance will impact upcoming maturities, especially as many Sharesave plans launched during the pandemic were at record low option prices, so there is potential for gains at maturity to exceed these reduced allowances.

By incorporating these changes into your communication strategies, we aim to empower participants with the knowledge needed to make informed decisions during the maturation of their Sharesave plans. Clarity on bonus expectations and awareness of CGT implications contribute to a smoother and more transparent experience, fostering confidence and understanding among plan participants.

What assets does your communication strategy include? Emails, brochures, FAQs and microsites might be the simplest to amend or tweak when it comes to changes like CGT or bonus, but an animation to explain the Sharesave maturity could be a valuable addition. Reach out to see how we can help you improve your Sharesave maturity communications – and remember, it’s never too early to start thinking about next year’s launch!

As we navigate the terrain of Sharesave, keeping participants well-informed remains at the forefront of our commitment to financial education. Contact us for an informal chat.

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