Subject Predicate Object
Xninc9oQ
a
Resource
Answer
Written answer
answer has question
WEV43jPP
answer has answering person
Lucy Neville-Rolfe
answer text
<p>National Savings and Investment (NS&amp;I) consider a prize as unclaimed when it has not been paid or cashed in to the bond holder within 18 months of the prize being issued. NS&amp;I proactively encourage customers to find funds and accounts they have lost track of. They do this in a number of ways, including regular media campaigns and their continued support for the My Lost Account service.</p><p> </p><p>Since the first prize draw in July 1957, 364 million prizes have been awarded with a total value of £17.2 billion. To date, there are 1,353,438 unclaimed Premium Bonds prizes worth a total of £55.2 million, just over 0.3% of total prizes awarded.</p><p> </p><p>The legislation under which Premium Bonds are offered states that Premium Bonds can only be purchased or held by an individual.</p><p> </p><p>Changing this legislation to allow charities, clubs and societies to purchase Premium Bonds would have significant operational implications for NS&amp;I. It would require systems to be put in place to allow multiple authorised signatories to each account and ensure that any instructions received come from authorised individuals. This would result in a large operational cost relative to the likely scale of deposits, and would therefore not be cost-effective for the taxpayer.</p><p><strong> </strong></p><p><strong> </strong></p>
answer given date
answer has answering body
HM Treasury
written answer has answering body
HM Treasury
HM Treasury
answering body has written answer
Xninc9oQ
answering body has answer
Xninc9oQ
WEV43jPP
question has answer
Xninc9oQ
Lucy Neville-Rolfe
answering person has answer
Xninc9oQ