Laura Cowan
The figures suggest that around 37,500 people have been affected, with families being unable to access up to £476 million and claims dating back several years. Around three quarters of the claims appear to relate to the period 2008 to 2025.
Some families say they have spent years trying to access money that their late family member had invested in premium bonds and had been left in their will, completing every form required and continually pursuing the bank. Some have had to instruct solicitors for help.
NS&I has stated that the issue has been caused by the search process used when dealing with a bereavement claim not identifying all of its products, resulting in an incorrect assessment of the amount owed to the estate. It says that the issue has now been resolved for all current and new claims by introducing a new ‘robust’ bereavement claims service, and says that it will not happen again.
Despite reports in the press that money had been ‘lost’, Torsten Bell, the Government’s pension minister, stressed that it has not, and that everyone affected will receive everything that is owed to them. He has stated that NS&I will publish a plan outlining its future actions and available support in May and that the onus is on NS&I to act – and not its customers. He has also said that compensation will be paid where appropriate.
NS&I says that it will contact affected estates and publish further information for the beneficiaries in due course. You can follow NS&I’s comments here.
Laura Cowan, head of Graysons’ private client team, says:
“Dealing with a deceased’s estate can be difficult enough without complications such as this. This has undoubtedly been a worrying and stressful time for those involved, particularly when they are already grieving.
“If premium bonds are left as part of an estate, the beneficiaries are entitled to those funds.
“To help your chosen executors to ensure that your estate is properly and effectively administered upon your death, it is a good idea to make sure your will is always up to date and that assets, such as premium bonds, investments, pensions and savings etc., are identified so that they can be easily located.”
Author: Laura Cowan
