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Premium Bonds

Volume 459: debated on Tuesday 1 May 2007

To ask the Chancellor of the Exchequer what the total value is of premium bond prize money awarded following the death of the holder held by HM Treasury in non-interest bearing accounts. (134246)

NS&I only become aware of the death of a customer if they are notified of it as part of the settlement of the estate of the deceased. Where this happens, the normal practice is for the value of the bonds and any unpaid prizes to be repaid as part of the settlement process. For the remaining unpaid prizes, NS&I are unable to distinguish between money which is unclaimed due to a death of which they have not been notified, and that which is unclaimed for other reasons.

In general terms, however, any premium bond prizes which are unclaimed following three months of the draw are classified as “unpaid” and are held by NS&I for a further 21 months (making a total of two years) on a non-interest bearing basis. NS and I currently hold £5,954,984 on this basis, if the prize is still unclaimed two years after the draw it is transferred to the Commissioners for the Reduction of the National Debt (CRND).

To ask the Chancellor of the Exchequer, what the total value was of premium bond prizes won following the death of the holder (a) in each of the last three years for which figures are available and (b) in total over the last 30 years. (134247)

This information is not held centrally and could be provided only at disproportionate cost.

To ask the Chancellor of the Exchequer what the value of premium bond prizes is that were awarded following the death of the bond holder and which were transferred to the National Loans Office in circumstances in which he was authorised to make use of the funds in the last (a) five years, (b) 10 years and (c) 30 years. (134248)

NS&I only become aware of the death of a customer if they are notified of it as part of the settlement of the estate of the deceased. Where this happens, the normal practice is for the value of the bonds and any unpaid prizes to be repaid as part of the settlement process. For the remaining unpaid prizes, NS&I are unable to distinguish between money that is unclaimed due to a death of which they have not been notified, and that which is unclaimed for other reasons. It is therefore impossible to give an accurate answer to this question.

In general terms, however, any premium bond prizes which are unclaimed following three months of the draw are classified as "unpaid" and are held by NS&I for a further 21 months (making a total of two years) on a non-interest bearing basis. If the prize is still unclaimed two years after the draw it is transferred to the Commissioners for the Reduction of the National Debt (CRND—formerly part of the National Investment and Loans Office).

The values for the five, 10 and 30 years periods requested are:

£

Transferred in last 5 years:

5,726,400

Transferred in last 10 years:

13,764,586

Transferred in last 30 years:

25,947,211