§ Mr. Frank FieldTo ask the Chancellor of the Exchequer what the sum of unclaimed assets in(a) national savings and (b) other Government securities was on the latest date for which figures are available. [164338]
§ Ruth Kelly"Unclaimed monies" in the National Savings and Investments Product Accounts refer to monies where: the product has been redeemed by the Treasury; monthly interest or prizes are due; or to un-cashed Savings Stamps; and where the sums are transferable to the Commissioners for the Reduction of the National Debt. Total unclaimed monies as at 31 March 2003 were £31.9 million.
The estimated total of unclaimed, including issued but unpresented, redemption monies and dividends on gilts on the latest date for which figures are available was around £45 million.
1239W
§ Dr. CableTo ask the Chancellor of the Exchequer what discussions he has held with the banks on the use of unclaimed bank accounts; and what discussions he has had with the life insurance and pensions industry on the use of unclaimed policies. [161822]
§ Ruth Kelly[holding answer 16 March 2004]Ministers and officials regularly meet representatives from the financial services industry and discuss a range of issues, including the use of unclaimed assets.
§ Dr. CableTo ask the Chancellor of the Exchequer what estimate he has made of the value of(a) unclaimed (b) premium bond winnings, (i) state pensions, (ii) national savings bonds and (iii) other unclaimed private savings which represents a public sector liability. [161823]
§ Ruth Kelly[holding answer 16 March 2004]: National Savings and Investments (including Premium Bond Prizes) "Unclaimed monies" in the National Savings and Investments Product Accounts refer to monies where: the product has been redeemed by the Treasury; monthly interest or prizes are due; or to un-cashed Savings Stamps; and where the sums are transferable to the Commissioners for the Reduction of the National Debt. Total unclaimed monies as at 31 March 2003 were £31.9 million made up of:
£000 British Savings Bonds 2,685 Income Bonds 1,344 Pensioners Guaranteed Income Bonds 17 Premium Bonds 22,085 Savings Stamps 5,781 Total 31,912 Unclaimed State Pensions
Information regarding the value of unclaimed State Pensions is not available. This is because there is no entitlement to a State Pension until a claim is made. Anyone who claims after reaching State Pension age may be able to receive a higher amount of State Pension when they do claim.
Government Stocks (Gilts)
The estimated total of unclaimed redemption money and dividends on gilts is around £31 million.