The National Savings Regulations 2015

Operation of a nomination

33.—(1) Subject to paragraph (2), on the death of a nominator the Director of Savings must pay to the amount due to the nominee according to the directions of the nomination.

(2) Paragraph (1) is subject to the following—

(a) if the nominee is under the age of sixteen years, the Director of Savings must not make a payment to that nominee until the nominee has attained that age; but the Director of Savings may, upon it being shown that it is expedient to do so, pay the amount (or any part of it) to a person who the Director of Savings is satisfied will apply it for the maintenance or otherwise for the benefit of that nominee;

(b) if the nominee is a person who lacks capacity and for whom there is no deputy, the Director of Savings may pay the amount (or any part of it) to any person undertaking to maintain the nominee;

(c) where it appears to the Director of Savings that the estate of the nominator, apart from the amount nominated, is insufficient—

(i) to meet the funeral expenses, or

(ii) to satisfy any claims of creditors of the nominator of which the Director of Savings has notice (including, in a case where the nominator was domiciled in Scotland, claims under the Succession (Scotland) Act 1964(1) and in relation to jus relicti, jus relictae or legitim),

the Director of Savings may pay the amount (or any part of it) towards satisfaction of the funeral expenses or any such claims.

(3) Where a person who is a nominee dies after the nominator has died but before the payment of an amount due to that person as nominee has been made, these Regulations apply as if that payment had been made before that person’s death and had been paid into an account with the National Savings Bank in that person’s name.

(4) Where a nominee to whom a payment may be made under this regulation has not attained the age of sixteen years, the nominee’s receipt for the payment is a valid receipt without the signature of any other person, and no rule of law which would, apart from this paragraph, necessitate the signature of another person has effect.

(1)

1964 c. 41.