NS&I Index Linked Savings Certificate

hbk123

Hi,


Just had a quick query regarding NS&I's Index Linked Savings Certificates. My dad opened an account for myself with him as a trustee. Unfortunately, he has now passed away and I was looking to transfer the certificate into my sole name. NS&I seem to indicate that you can't do this and as the certificates aren't on sale anymore, the only option is to sell them.


I wanted to ask if anyone has been in a similar situation and if they've managed to remove the trustee? If not, would it be easier to add another trustee to the account?


Do want to keep these certificates, as it will be the only thing paying a half decent interest rate now.

isasmurf

The terms and conditions seem to suggest transfer by inheritance is permitted.

https://www.nsandi.com/files/published_files/asset/pdf/index-linked-savings-certificates-key-features.pdf

77 A Certificate, or part of a Certificate, can only be transferred with the consent of the Director. The Director will only give consent in exceptional circumstances. Generally, the Director will give consent in the case of the inheritance of Certificates on the death of a Certificate holder, but not to any transfer which is by way of sale.

ashteadgirl

Transfer by inheritance it definitely painless process. Certificates just put into your name and keep original maturity date and interest rate. Happened twice to us now from parents.
N S and I very helpful on phone so may be able to guide you.

hbk123

Thanks both for the replies. Have ben given the real run around with them over the phone and letters. Just seem to be finding anyway possible not to transfer the certificate over.

aldershot

with RPI inflation at 3.1%, we hang onto these things like gold dust!

hbk123

Exactly, the reason I want to keep this. Probably the same reason NS&I are trying to take it away from me

ashteadgirl

From NS&I website

https://www.nsandi.com/files/published_files/asset/pdf/death-claims-brochure.pdf

Joint accounts and trusts
If the savings are held jointly or in trust, the
surviving holder/trustee should complete the
relevant section on the claim form. A Grant
of Representation is not usually required.

You will, I presume, need to fill in relevant form and send certified copy of death certificate.

xylophone

Just had a quick query regarding NS&I's Index Linked Savings Certificates. My dad opened an account for myself with him as a trustee.

http://boards.fool.co.uk/inheritance-tax-on-index-linked-s-certs-in-trust-12334865.aspx

NS&I's reply includes the following.
"For an 'A' type trust this holding is registered in the name of one or more individual(s) in trust for a named individual or individuals (the beneficiary or beneficiaries). The Certificates in this form are held at the joint disposal of all the trustee(s) and beneficiary(ies). All parties must sign any application for repayment or transfer. In the event of the death of either the trustee or the beneficiary in an 'A' type trust, the certificate will be held at the disposal of the survivor(s)..."

and
"For a 'B' type trust the holding is registered in the name of one or more individuals who are acting as trustee(s) .... The certificates are held at the sole disposal of the trustee(s). .... On the death of the last surviving trustee the Certificates are held at the disposal of his legal personal representative(s)."

See notes here

https://www.nsandi-adviser.com/sites/nsandi-adviser/files/asset/forms/income-bonds-application-form-trustee_0.pdf

Might be relevant to your case?

hbk123

ashteadgirl wrote: »

From NS&I website

https://www.nsandi.com/files/published_files/asset/pdf/death-claims-brochure.pdf

Joint accounts and trusts
If the savings are held jointly or in trust, the
surviving holder/trustee should complete the
relevant section on the claim form. A Grant
of Representation is not usually required.

You will, I presume, need to fill in relevant form and send certified copy of death certificate.

Did that initially, then got told that the executor has to fill in the form as I can't deal with it. Done that and now being told that it can't be transferred. Have had long discussions with them, but they either just say "We can't talk to you" or give very vague answers and then flip flop.

hbk123

xylophone wrote: »

[/B]


http://boards.fool.co.uk/inheritance-tax-on-index-linked-s-certs-in-trust-12334865.aspx

NS&I's reply includes the following.
"For an 'A' type trust this holding is registered in the name of one or more individual(s) in trust for a named individual or individuals (the beneficiary or beneficiaries). The Certificates in this form are held at the joint disposal of all the trustee(s) and beneficiary(ies). All parties must sign any application for repayment or transfer. In the event of the death of either the trustee or the beneficiary in an 'A' type trust, the certificate will be held at the disposal of the survivor(s)..."

and
"For a 'B' type trust the holding is registered in the name of one or more individuals who are acting as trustee(s) .... The certificates are held at the sole disposal of the trustee(s). .... On the death of the last surviving trustee the Certificates are held at the disposal of his legal personal representative(s)."

See notes here

https://www.nsandi-adviser.com/sites/nsandi-adviser/files/asset/forms/income-bonds-application-form-trustee_0.pdf

Might be relevant to your case?

Thanks for this, reading through it, it sounds like I fall in the B camp as it was opened when I was <16.

ashteadgirl

Possibly get executor or solicitor dealing with probate to contact NSandI again as the 'legal representative' of the deceased trustee. Good luck