§ Mr. Oakesasked the Chancellor of the Exchequer if he will introduce regulations to extend to three years the time limit for the payment of prize money of winning premium bonds into the deceased holder's estate.
§ Mr. NottA premium savings bond belonging to a holder who dies remains eligible to participate in the prize draws in the 12 months next following his death provided the bond is not encashed earlier. Any prize won by a bond of a220W deceased holder in any of the draws for which it is eligible can be claimed by his legal personal representative and paid into his estate at any time and such claim is not subject to any time limit.
A year is sufficient time to allow for the notification of the death of a holder and for his estate to be wound up in most instances. I have no plans to amend the prospectus to extend the eligibility period.
§ Mr. Oakesasked the Chancellor of the Exchequer in how many cases payment of prize money was refused to the next of kin on winning premium bonds in each of the last five years because the holder was deceased; and what is the total amount of prize money involved in each of these years.
§ Mr. NottThe number of cases where premium savings bonds were drawn for prizes that could not be paid because the bonds were found to be ineligible due to the death of the holders, and the value of the prizes involved, are as follows:
£ 1968 … … 636 19,675 1969 … … 676 34,525 1970 … … 780 37,600 1971 … … 876 34,875 1972 … … 1,009 42,750
§ Mr. Oakesasked the Chancellor of the Exchequer if he will extend the time limit for the next of kin of deceased holders of premium bonds to notify the authorities of the death of the holder.
§ Mr. NottThere is no time limit within which the next of kin of a deceased premium savings bond holder is required to notify the death to the Department for National Savings. However, as previously stated the bonds only remain eligible to take part in prize draws in the 12 months following the death of the holder.