The National Savings Bank Regulations 1972

NOMINATIONS

Power to make nominations

33.—(1) Subject to the provisions of these Regulations, a depositor, being a person who has attained the age of sixteen years, may nominate any person to receive any sum due to the depositor at his death in respect of his deposits.

(2) Every nomination shall be made in writing in a form approved by the Director of Savings, and shall be signed by the nominator in the presence of a witness, and the signature of the nominator shall be attested by the witness.

(3) A nomination shall be of no effect unless it is sent to the Director of Savings during the lifetime of the nominator.

(4) The Director of Savings may in his discretion refuse to accept any nomination received by him, and, upon a notification of the refusal of the Director of Savings to accept a nomination being sent to the nominator, the nomination shall be of no effect.

(5) Every nomination accepted by the Director of Savings shall be registered by him and returned to the nominator.

(6) A nomination may be in favour of one person or of several persons (who shall be clearly designated in the nomination), and, where there is more than one nominee, may direct that specific sums shall be paid to one or more of the nominees or that the nominees shall take the money nominated in specified shares, or may give directions to both effects.

(7) A person who attests the signature of a nominator to a nomination shall not take any benefit thereunder.

Effect of transfer on nomination

34.  In the event of the transfer of any deposits from the National Savings Bank to a trustee savings bank or from a trustee savings bank to the National Savings Bank, any nomination in force in respect of the deposits in the bank from which the transfer is made shall cease to apply to the deposits so transferred.

Revocation of nomination

35.—(1) A nomination shall be revoked—

(a) by the death of the nominee, or, where there is more than one nominee, of all the nominees, in the lifetime of the nominator;

(b) so far as relates to the interest thereunder of any nominee (being one of two or more nominees), by the death of that nominee in the lifetime of the nominator, unless the interest of that nominee is disposed of by the nomination;

(c) by the marriage of the nominator;

(d) by written notice of revocation given in accordance with this Regulation;

(e) by a subsequent nomination duly made in accordance with these Regulations by the same nominator disposing of either the whole or any part of the moneys disposed of by the earlier nomination, but so far only as respects those moneys or that part of those moneys, as the case may be;

but a nomination shall not be revoked by any will or by any other act, event or means whatsoever.

(2) A notice of revocation for the purposes of these Regulations shall be signed by the nominator in the presence of a witness, who shall attest the signature of the nominator, and the notice shall be of no effect unless it is sent to the Director of Savings during the lifetime of the nominator.

(3) Notwithstanding that a nomination has been revoked by the marriage of the nominator, any payment which, before the marriage comes to the knowledge of the Director of Savings, is made by him, being a payment which would have been a lawful payment if the nomination had not been so revoked, shall, subject to the provisions of these Regulations for saving the rights of third parties, be as valid as if the nomination had not been so revoked.

Particulars to be furnished by nominator to Director of Savings

36.—(1) A nominator shall, on making a nomination, furnish to the Director of Savings such particulars of any National Savings Bank account and savings bank annuity or insurance to which the nomination applies as the Director of Savings may require.

(2) A nominator shall, if and whenever a change occurs in relation to any savings bank account or annuity or insurance to which the nomination applies, forthwith make such corrections in and additions to the particulars furnished as may be necessary, and shall forthwith forward to the Director of Saving the amended particulars.

(3) Where, by reason of the failure of a nominator to comply with the foregoing requirements of this Regulation, any money payable in respect of any deposits, annuity, or insurance of the nominator at the date of his death is paid to a person other than the nominee or a person claiming through him, that payment shall, subject to the provisions of these Regulations for saving the rights of third parties, be as valid as if the nomination had not been made.

Payment under nomination

37.—(1) On the death of a nominator, the Director of Savings shall pay to the nominee the amount due to him according to the directions of the nomination:

Provided that—

(a) if, on the death of a nominator, any nominee is under the age of sixteen years, the Director of Savings shall not make any payment to that nominee or transfer the sum nominated to him until he attains that age, but may, if it is shown to the satisfaction of the Director of Savings that it is expedient that the sum due to the nominee or any part thereof should by paid and applied for the maintenance or otherwise for the benefit of the nominee, pay the said sum or that part thereof to any person who satisfies the Director of Savings that he will apply it for such purposes as aforesaid;

(b) if the nominee is a mentally disordered person and there is no receiver, the Director of Savings may pay the sum nominated or any part thereof to any person undertaking to maintain such nominee;

(c) where it appears to the Director of Savings that the estate of the nominator, apart from the sum nominated, is insufficient to meet the funeral expenses or 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 and in respect of jus relicti, jus relictae or legitim), he may, if he thinks fit, apply the amount nominated or any part thereof in or towards payment of such funeral expenses, or in or towards satisfaction of the claim of any person in respect of such funeral expenses paid by that person or of the claims of any such creditors.

(2) Where a nominee dies after the death of the nominator but before any sum has been paid to him as nominee, the provisions of these Regulations shall apply to the nominee and the sum payable to him, as if at the date of his death the deceased nominee were a depositor in the National Savings Bank and the said sum were deposited in his name in a National Savings Bank account.

(3) Notwithstanding any rule of law to the contrary, any nominee to whom a payment may be made under this Regulation may sign a receipt therefore if he has attained the age of sixteen years, and the receipt shall be a valid receipt without the signature of any other person.

Special provisions relating to existing nominations

38.—(1) Any nomination made before 1st October 1921 shall continue to be governed by Regulations 66 to 79 of the Post Office Savings Bank Regulations 1910, but Regulations 34, 35(1)(e) and 37(2) of these Regulations shall apply to any such nomination.

(2) A nomination made before the coming into operation of these Regulations shall, subject to the provisions of these Regulations, be deemed to extend to all sums to which a nominator is entitled at the time of his death in respect of a savings bank annuity or insurance as well as to sums due to him in respect of his deposits, unless the nominator has in the nomination expressly excluded any such sums from the operation of the nomination.