Made under the National Savings Bank Act 1971
1 statutory instrument made using powers in the National Savings Bank Act 1971, newest first. Each one is explained section by section in plain English.
The National Savings (Remediation Scheme) Regulations 2026
- Department: HM Treasury
- Made under: National Savings Bank Act 1971
The Treasury established The National Savings (Remediation Scheme) Regulations 2026 to govern payments made by the Director of Savings concerning eligible claims arising from the erroneous retention of assets belonging to deceased persons.
The National Savings (Remediation Scheme) Regulations 2026 establish a formal scheme, administered by the Director of Savings under the authority of the Treasury, to make payments to the personal representatives of deceased persons whose estates suffered losses because the Director of Savings mistakenly retained assets like accounts, bonds, or stocks.
The regulations define what constitutes an eligible claim, set out the calculation methods for payments (offering the greater of contractual interest or interest based on the Bank of England Base Rate plus one percent), and allow for further compensatory payments for resulting estate losses and administration costs.