Financial Services Act 2021

36 Successor accounts for Help-to-Save savers

In Schedule 2 to the Savings (Government Contributions) Act 2017 (Help-to-Save accounts), after paragraph 13 insert—

“Successor accounts for certain Help-to-Save accounts

13A (1) In this paragraph “matured account” means an account provided by the Director of Savings which has been, but has ceased to be, a Help-to-Save account.

(2) Treasury regulations may make provision for, or in connection with, the transfer of the balance in a matured account to another account provided by the Director of Savings (a “successor account”).

(3) Regulations under sub-paragraph (2) must require the successor account to be an account in the National Savings Bank.

(4) Regulations under sub-paragraph (2) may not include provision for a transfer which overrides an instruction for dealing with the balance in a matured account where—

(a) the instruction is given by, or by a person acting on behalf of, the individual for whom the matured account was opened, and

(b) the Director of Savings receives the instruction before the transfer is made and considers that it is reasonably practicable to implement it.

(5) Regulations under sub-paragraph (2) may make provision about the balance in a matured account opened before the regulations are made.

(6) Where regulations under sub-paragraph (2) provide for a transfer from a matured account to a successor account—

(a) the successor account may be a new or existing account, and

(b) no charge for the transfer may be imposed on the individual for whom the matured account was opened.”