On 4 April 2008 HM Treasury announced that the SAYE option scheme bonus rates will be reduced with effect from that date.

Although the rates are usually adjusted on 1 September each year, there is also an in-year adjustment mechanism, which applies if the 3 or 5 year market reference swap rates are greater than or equal to 125 basis points below or above their levels at the time of the last adjustment.

For each SAYE savings arrangement, the SAYE bonus rate is fixed at the rate which applies at the start of saving and this rate will not be affected by subsequent changes.

The new rates are set in this table: