Regulation 46 Applications for early repaymentI1

Subject to paragraph (6), F1paragraphs (2) to (5) apply where—

Where the relevant application is for payment of the whole amount repayable—

Where the relevant application is for payment of a specified amount which is part of the amount repayable—

In the case of a certificate which has been held for a period of less than 90 days starting on the date of purchase or on any anniversary of that date, this regulation has effect with the modification in paragraph (5).

The reference to the amount that has accrued by way of interest for the period of 90 days ending on the payment date is to be read as a reference to the amount that would have accrued by way of interest for the period of 90 days starting on the date on which the certificate was purchased or the last anniversary of that date.

The Director of Savings may decide not to reduce a payment and, in the case of an index-linked certificate, not to withhold the benefit of index-linking if the Director of Savings considers that either would be unjust.

Subject to paragraphs (6B) and (6C), where—

If the relevant application is made in respect of a new certificate during the cooling-off period, the Director of Savings must pay the amount repayable.

Where paragraph (6B) does not apply, the Director of Savings may decide to pay the amount repayable if the Director of Savings considers that it would be unjust not to do so.

In this regulation—

• F4“cooling-off period”, in relation to a new certificate, means a period of 30 days which begins on the date on which a notice is issued under regulation 38(2A);

• “new certificate” means—

  1. (a)

     a certificate purchased after 22nd July 2023; or

  2. (b)

     a rolled-over certificate for which a subsequent term has begun after 22nd July 2023;

• “payment date”, in relation to a relevant application, means the date on which payment is to be made in accordance with that application;

• “relevant application” means an application for payment of the whole or any part of the amount repayable in respect of a rolled-over certificate or a certificate purchased after 19th September 2012, except—

  1. (a)

     an application made in the event of the death of the sole holder of the certificate;

  2. (b)

     an application by a trustee in consequence of the death of the sole beneficiary or the last surviving beneficiary; or

  3. (c)

     an application by a trustee who purchased the certificate on behalf of another person, in consequence of the death of that person or the last such person surviving;

• “relevant year”, in relation to a rolled-over certificate or a certificate purchased after 19th September 2012, means the period of 12 months—

  1. (d)

     which begins on the date of purchase of the certificate or, if the certificate has been held for 12 months or more, the last anniversary of that date; and

  2. (e)

     in which the payment date falls.