http://www.legislation.gov.uk/id/uksi/1969/1342

http://www.legislation.gov.uk/uksi/1969/1342/regulation/10/made

The Savings Contracts Regulations 1969

Westlaw

King's Printer of Acts of Parliament

2011-04-05

BORROWING AND SECURITIES

These Regulations contain provisions relating to the making and registration of, and the payment of sums repayable under, savings contracts which are administered by the Director of Savings, a trustee savings bank or the Birmingham Municipal Bank under a contractual savings scheme certified by the Treasury in accordance with section 53(2) of the Finance Act 1969. The main provisions are as follows:—Savings contracts are to be registered in the name of the contributor by the administering authority (Regulation 3).Savings contracts may be entered into only by individuals aged 16 or over, and not by two or more persons or by bodies of persons; and they may not be assigned (Regulation 4).Application for repayment must be in an approved form (Regulation 5). In the case of repayments by the Director of Savings, payment may be made by warrant (Regulation 6).In case of the death of the contributor, payment may be made to his personal representatives (Regulation 9) or, where the amount repayable does not exceed £500, payment may be made without a grant of representation to the persons specified in Regulation 10.Disputes are to be referred to the Chief Registrar of Friendly Societies (Regulation 18).The Treasury and the administering authorities are to have indemnity for payments duly made and acts duly done under the Regulations (Regulation 22). Persons employed in connection with business arising under the Regulations may not disclose the name of the contributor, the amount of his contributions or the amount paid to him (Regulation 26).

The Savings Contracts Regulations 1969

Regulations

The National Savings (No. 2) Regulations 2015

Sch. 2

reg. 1(1)

The Savings Contracts Regulations 1969

reg.26(3)

(4)

The Savings Contracts (Amendment) Regulations 1997

reg.2

The Savings Contracts Regulations 1969

reg.26(3)

(4)

The Savings Contracts (Amendment) Regulations 1997

reg.2

PAYMENT IN CASE OF DEATH

Payment without a grant of representation10

1

Where, on the death of any person, being a contributor in respect of any savings contracts the amount repayable in respect of which does not, at the time of his death, exceed in the aggregate £500, probate of his will or letters of administration to his estate is not or are not produced to the authority within such time as they think reasonable in the circumstances of the case, the authority, if they think fit, may, without requiring probate or letters of administration, pay the amount repayable in respect of the savings contracts, or any part of that amount—

a

to a person appearing to the authority to be entitled to take out probate of the will of the deceased or letters of administration to his estate;

b

where the deceased has left a will (being a will with respect to which the authority are satisfied that probate or letters of administration with the will annexed would be granted), to any person to whom the amount repayable or any part thereof would, in the opinion of the authority, be payable under such will, if probate thereof or letters of administration with the will annexed were granted;

c

to any person who satisfies the authority that he is entitled to receive the amount repayable or any part thereof in right of his being—

i

a person who has paid the funeral expenses of the deceased; or

ii

a creditor of the deceased; or

iii

a person who has a beneficial interest in the estate of the deceased;

d

if the deceased was a British subject and his next of kin appears to the authority to reside outside the United Kingdom, the Isle of Man and the Channel Islands, to any officer or authority who, in the opinion of the authority, may properly be entrusted with the duty of distributing the amount repayable;

e

if the deceased was a seaman of a foreign country, being a country with which a treaty has been made in respect of the payment of moneys due to seamen, to the consular authority of that country;

f

if the deceased was a foreign subject, not being a seaman to whom the provisions of the last preceding sub-paragraph apply, to the consular authority of the country to which the deceased belonged, or to such other authority as appears to the authority to be appropriate, subject in either case to the authority being satisfied that the amount repayable will be duly distributed;

g

in the case where the estate of the deceased appears to the authority to have devolved upon the Crown, the Duchy of Lancaster or the Duchy of Cornwall, to the Treasury Solicitor, the Solicitor for the affairs of the Duchy of Lancaster or the Solicitor for the affairs of the Duchy of Cornwall, as the case requires:

Provided that where a person to whom any sum may be paid under sub-paragraph (b) or sub-paragraph (c) of this paragraph has died before payment has been made to him, that sum or any part thereof may be paid to any person to whom it might have been paid if the first-mentioned person had, immediately before his death, been the contributor in respect of the savings contracts in question.

2

Notwithstanding any rule of law to the contrary, any person to whom a payment may be made under sub-paragraph (b) or sub-paragraph (c) of paragraph (1) of this Regulation or under the proviso to that paragraph may sign a receipt therefor if he has attained the age of 16 years, and the receipt shall be a valid receipt without the signature of any other person, and where any person to whom a payment may be so made is unable, by reason of his age or for any other reason whatsoever, to give a discharge therefor under these Regulations, the authority may make the payment to any person who satisfies them that he will apply it for the maintenance or otherwise for the benefit of the first-mentioned person.

3

In this Regulation the expression “will” includes a codicil.