The Savings Certificates (Amendment) Regulations 2012

Amendment of the Savings Certificates Regulations 1991

8.  In regulation 6 (applications for repayment)—

(a) in paragraph (1)—

(i) omit “in writing”;

(ii) omit the words from “Where repayment” to the end;

(b) after paragraph (1) insert—

“(1A) An application under paragraph (1) may include a request for repayment to be made on a specified date if—

(a) the certificate concerned was purchased before 20th September 2012 and is not a rolled-over certificate; and

(b) the specified date, unless the Director of Savings otherwise agrees, is before the end of a period of two months starting on the date of the application.”;

(c) in paragraph (2A) after “purchase price is made” insert “in respect of a money value certificate other than one to which paragraph (2B) applies”; and

(d) after paragraph (2A) insert—

“(2B) Where, in accordance with the prospectus relating to any money value series, a partial repayment of the purchase price is made in respect of a certificate to which this paragraph applies (together with payment of such interest or bonus or other sum which may have accrued due in respect of the portion repaid under that prospectus), a record must be made available showing—

(a) the amount repaid;

(b) the value of the part of the certificate retained;

(c) the annual rate of interest applying to the certificate; and

(d) the date on which the current term will end.

(2C) Paragraph (2B) applies to—

(a) a money value certificate purchased after 19th September 2012, and

(b) a money value certificate purchased before 20th September 2012 from and including the anniversary of its date of purchase which falls after 19th September 2012 and before 20th September 2013.”.