Savers should be in no rush to use the new super Isas

Certainly, it is an opportunity to squirrel another £15,000 a person away from the taxman.

And it will at last create a level playing field so those who wish to keep all their money in cash are treated the same as those happy to play the stock market.

There will also be more flexibility as, at long last, savers will be able to switch out of shares and into cash in a tax-free interest-paying account.

But I see no reason for investors to rush to commit new money.

For those who wait there could be better rewards on offer: National Savings & Investment’s new pensioner bond launches in January

Let us consider cash Isas. Currently the best variable-rate ones pay a tad over 1.5 per cent interest.

On fixed rates the top payers offer just over 2 per cent for three years or 2.8 per cent for five years.

But for those who wait there could be better rewards on offer. National Savings & Investment’s new pensioner bond launches in January.

The Treasury has indicated rates could be 2.8 per cent before tax (2.4 per cent after basic-rate tax) fixed for one year and 4 per cent (3.2 per cent) for three years. The supply will be limited to £10bn and a maximum of £10,000 a person but at those rates it will fly off the shelves.

Building societies, which are already warning that the bond could impact seriously on their market, will surely feel compelled to raise their rates to compete.

And it is then that savers should look for opportunities with fixed-rate cash Isas.

In the meantime variable-rate Isas may offer options but only if savers can switch out without penalty.

What of the opportunity to plough £15,000 into the stock market? There are many reasons why I would be extremely nervous about committing such a sum now: potential fiscal tightening in the US, a toppy-looking stock market and some lacklustre IPOs recently.

Personally, I would sit on my hands and see what the autumn brings.

‘Flat rate’ pension hitch

I hate to say I told you so, but pensions minister Steve Webb has now admitted that just 42 per cent of people retiring in 2016 will get the full ‘flat rate’ pension, which is expected to be around £155 a week.

So more than half will get less. That is an astonishingly high figure when you consider all of the hype there has been about the launch.

The numbers will improve to 72 per cent by 2020 as more people contribute towards the new pension.

Do not get me wrong. I am 100 per cent in favour of these reforms. They will eventually provide complete clarity for workers who will know that private saving will be rewarded by a higher retirement income.

My frustration has been with the way the pension has been ‘marketed’. In seeking a simple message the department for work & pensions has left many people under the misapprehension that they will get a bigger state pension than will actually be delivered.

My understanding is that Mr Webb has taken this on board and the message will be clearer in future.

In the meantime the further good news is that comprehensive pension statements will begin to be rolled out later this year, starting with those due to retire over the next five years.

But, be aware, people will have to request these – DWP will not send them out automatically.

Losing higher-rate tax relief

Prudential claims that higher-rate taxpayers are missing out on £225m in tax relief every year through failing to pay into a pension.

But I fear there is another worse problem than not saving; that is those who do save and then fail to claim their higher-rate tax relief.

It is all too easy for busy people to duck the hassle of filling in a tax return or fail to realise they may need to claim.

I admit I have no specific evidence. In fact, I would like to see some research carried out among those who have been dragged into the higher-rate tax net over the past few years – let us say people earning between £42,000 and £50,000 a year.

I wonder how many are aware they may need to claim the extra tax relief on their pension contributions.

I suspect there are a good number with personal pensions who are missing out on valuable tax relief.

My solution: all pension firms should send a reminder with the annual statement prompting investors to apply for their extra tax relief if they are higher-rate taxpayers.

Tony Hazell writes for the Daily Mail’s Money Mail section