http://www.legislation.gov.uk/uksi/2004/2353/contents/made

The Premium Savings Bonds (Amendment etc) Regulations 2004

UK economy

King's Printer of Acts of Parliament

2011-07-04

NATIONAL DEBT

These Regulations amend the Premium Savings Bonds Regulations 1972. There are two main effects of the amendments. First, the new provisions inserted by regulation 4 enable the Treasury to change the prize fund interest rate and the scale of prizes at any time without giving notice, so as to override any requirement in the terms and conditions applicable to Premium Savings Bonds to give notice of such changes. Second, the amendments made by regulation 5 provide that payments in respect of a bond will be made a) by crossed warrant, b) in any way stipulated in the terms and conditions that apply to the bond, or c) as directed by the Director of Savings. (It is intended that payment by cash (that is, uncrossed) warrant will no longer be available.) But payments may also be applied, if the customer so wishes and the Director of Savings consents, to purchase other National Savings and Investments products or to make a deposit with the National Savings Bank. These Regulations also amend the terms and conditions applicable to Premium Savings Bonds by providing that the Director of Savings may choose to publish the serial numbers of winning bonds on the National Savings and Investments website rather than in the London Gazette.