Amendment to regulation 25

9.  In regulation 25 (authority for payment to third party)—

(a) omit paragraph (1);

(b) in paragraph (3) for “seven years” substitute “sixteen years”;

(c) in paragraph (4), sub-paragraph (a), for “Paragraphs (1) and (2) do not apply”, substitute “Paragraph (2) does not apply”;

(d) after paragraph (4), insert—

“(5) If the conditions specified in paragraph (6) are satisfied in relation to the holder of a National Savings Income Bond, paragraph (3) has effect as if the reference to “sixteen years” was a reference to “seven years”.

(6) The conditions are that—

(a) an application to subscribe for National Savings Income Bonds was received by the Director of Savings in the approved form before 6th April 2013; and

(b) the holder attained the age of seven years before 6th April 2013.”.