The National Savings (Unclaimed Moneys) Regulations 2009
| Jurisdiction | UK Non-devolved |
| Citation | SI 2009/1263 |
| Year | 2009 |
2009 No. 1263
National Debt
The National Savings (Unclaimed Moneys) Regulations 2009
Made 19th May 2009
Laid before Parliament 20th May 2009
The Treasury have issued sums to the National Debt Commissioners under section 10(2) of the National Debt Act 19721.
The Treasury make the following Regulations in exercise of the powers conferred upon them by sections 3(1)(a) and (bb), 3(2)(c) and (e), 10(2A), 11(1)(a) and 11 (2)(a) of that Act:
Citation, commencement and interpretation
1.—(1) These Regulations may be cited as the National Savings (Unclaimed Moneys) Regulations 2009.
(2) Regulations 1, 2 and 3 shall come into force on 15th June 2009 and all other regulations shall come into force on 1st September 2009.
(3) In these Regulations—
“the 1955 Act” means the Miscellaneous Financial Provisions Act 19552;
“the 1972 Regulations” means the Premium Savings Bonds Regulations 19723;
“the 1976 Regulations” means the National Savings Stock Register Regulations 19764;
“the Commissioners” means the National Debt Commissioners; and
“special Director’s account” has the same meaning as in section 8(4) of the National Savings Bank Act 19715.
National savings stamps and gift tokens
2.—(1) The Commissioners shall repay to the National Loans Fund out of their account of unclaimed redemption moneys6a sum equal to the balance held by the Commissioners in respect of sums paid to them under section 10(2) of the National Debt Act 1972 (unclaimed sums in relation to national savings stamps and gift tokens).
(2) Section 120(1), (2), (3) and (6) of the Finance Act 19807shall apply to the sum repaid as if it were a sum received by the Director of Savings as an investment deposit and paid by the Director into the National Loans Fund.
(3) The Director of Savings shall credit an amount equal to the sum repaid in respect of national savings stamps to a special Director’s account in the National Savings Bank.
(4) The Director of Savings shall credit an amount equal to the sum repaid in respect of national savings gift tokens to a special Director’s account in the National Savings Bank.
British Savings Bonds
3.—(1) The Commissioners shall repay to the Director of Savings out of their account of unclaimed redemption moneys and their account of unclaimed dividends8a sum equal to the balance held by the Commissioners in respect of sums paid to them under regulation 43 of the 1976 Regulations in respect of British Savings Bonds.
(2) The Director of Savings shall apply the sum repaid by a transfer by way of investment deposit to a special Director’s account in the National Savings Bank.
(3) Regulations 43 and 44 of the 1976 Regulations shall cease to apply to British Savings Bonds.
Premium savings bonds
4.—(1) The Commissioners shall repay to the Director of Savings out of their account of unclaimed dividends a sum equal to the balance held by the Commissioners in respect of sums paid to them under regulation 15 of the 1972 Regulations.
(2) The Director of Savings shall apply that sum by transferring, by way of investment deposit to an investment account in the National Savings Bank in the name of each person entitled, an amount equal to each amount deemed to be unclaimed under regulation 15 of the 1972 Regulations on a bond held by that person.
(3) Where the Director of Savings is unable, for any reason, to apply sums in accordance with paragraph (2), the Director of Savings shall apply those sums by transfer to a special Director’s account in the National Savings Bank.
5. The 1972 Regulations are amended as follows—
(a) omit regulation 15; and
(b) after regulation 15 insert:
“Transfer of unclaimed moneys to the National Savings Bank
15A.—(1) The Director of Savings shall transfer sums equal to moneys due on a bond which, having been entrusted to the Director of Savings for repayment, remain unclaimed, to an investment account in the National Savings Bank in the name of the person in whose name the bond is held.
(2) Where the Director of Savings is unable, for...
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