I have come across some premium bonds bought in the 1960s and wish to cash them in. However when I contacted NS&I, National Savings & Investments, they said these bonds were not issued in my name. I was part of a small syndicate at work and the person who ran this must have purchased them and then handed them out to us. Unfortunately he is now deceased, as is his wife.
Some of the bonds may also have been bought by my mother, also deceased, and given to me. NS&I will not/cannot tell me in whose name these bonds were bought and I would welcome any suggestions as to how I can proceed further in this matter.
CL,East Sussex
NS&I says it does not recognise syndicates or any other private arrangements made for prizes in any way. Premium Bonds can only be bought in the name of an individual and any prize payments are subsequently made to the person named on the purchase application form.
It seems very likely that the bonds bought in your former workplace were set up in the way they were by the organizer of the syndicate in all innocence. However anyone currently in the same situation will need to consider the implications should there be a win.
NS&I will only accept the bondholder’s signature for any repayment made or any other transactions. NS&I says for data protection reasons it is only able to enter into correspondence with the legal holder of the bonds. To take this aspect any further you would need to find the next of kin of the person who held them and pursue it directly with them.
As for the bonds bought by your mother, NS&I will need first to establish if you are the beneficiary of your mother’s will. If this is the case you need to fill in a death claim form. This is obtainable either via the NS&I helpline on 0500 007 007. Incidentally, as it happens, this was engaged when I tried it before filing. I have flagged this up suggesting a message might be less disconcerting. Better still download the form from www.nsandi.com putting ‘death claim form’ in the search box then ‘online form’. Then go to the end of that list.
Premium Bonds are not transferable. On the death of the bondholder NS&I repays the value of the bonds to the legal representative or next of kin. Any wins on bonds still held up to twelve months after the death will be paid to the estate. Wins after that won’t count and it will only be the original premium bond stake that will be paid back.
If the holding was small it is quite possible that the holdings you are writing in about never had a prize. The odds of any one bond winning are daunting.
Meanwhile NS&I points out, “Premium Bond holders can reduce the chances of their prizes becoming unclaimed by managing their Premium Bonds online or opting to have any prizes paid directly into their bank accounts by BACS, with notification of the win by email. To sign up holders should visit: http://www.nsandi.com/register-our-online-service.”
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