Help to save

Successor accounts for Help-to-Save savers
36
In Schedule 2 to the Savings (Government Contributions) Act 2017 (Help-to-Save accounts), after paragraph 13 insert—

Successor accounts for certain Help-to-Save accounts
13A
1
In this paragraph “matured account” means an account provided by the Director of Savings which has been, but has ceased to be, a Help-to-Save account.
2
Treasury regulations may make provision for, or in connection with, the transfer of the balance in a matured account to another account provided by the Director of Savings (a “successor account”).
3
Regulations under sub-paragraph (2) must require the successor account to be an account in the National Savings Bank.
4
Regulations under sub-paragraph (2) may not include provision for a transfer which overrides an instruction for dealing with the balance in a matured account where—
a
the instruction is given by, or by a person acting on behalf of, the individual for whom the matured account was opened, and
b
the Director of Savings receives the instruction before the transfer is made and considers that it is reasonably practicable to implement it.
5
Regulations under sub-paragraph (2) may make provision about the balance in a matured account opened before the regulations are made.
6
Where regulations under sub-paragraph (2) provide for a transfer from a matured account to a successor account—
a
the successor account may be a new or existing account, and
b
no charge for the transfer may be imposed on the individual for whom the matured account was opened.