The Premium Savings Bonds (Amendment etc) Regulations 2004

Prize fund and winning bonds

4.  After regulation 3, insert—

“Prize fund interest rate changes and changes in the scale of prizes

3A.— (1) Notwithstanding any requirement in the terms and conditions applicable to Premium Savings Bonds to give notice of a change in the prize fund rate, the Treasury may change that rate at any time without notice.

(2) Notwithstanding any requirement in the terms and conditions applicable to Premium Savings Bonds to give notice of a change in the scale of prizes for a draw, the Treasury may change the scale of prizes for a draw without notice.

(3) For the purposes of paragraph (1), the prize fund interest rate is the rate of interest which is applicable to each bond unit eligible for entry into the prize draw for a given month and which, together with the number of such bond units, determines the prize fund for that month.

(4) For the purposes of paragraph (2), a change in the scale of prizes for a draw is a change in the way the number of prizes for that draw is calculated or a change in the way the prize fund for that draw is shared amongst the different prize values, or both.

(5) Where notice of a change in the prize fund interest rate or of a change in the scale of prizes has been given before the date on which these Regulations come into force but the period of notice ends after that date, the effective date of the change may be brought forward. A decision to make any such change in effective date shall be published in the London, Edinburgh and Belfast Gazettes.

Change in the publication of the serial numbers of winning bonds

3B.   Notwithstanding any requirement in the terms and conditions applicable to Premium Savings Bonds to publish the serial numbers of winning bonds in the London Gazette, the Director of Savings may instead publish such numbers on the National Savings and Investments website.”.