# The National Savings (Remediation Scheme) Regulations 2026, Regulation 2: Interpretation


In these Regulations—
“the 2015 Regulations” means the National Savings Regulations 2015;
“account” means any account in the National Savings Bank;
“additional payment” means a payment made under regulation 5(3)(b);
“bond” has the meaning given in regulation 2 of the 2015 Regulations;
“certificate” has the meaning given in regulation 2 of the 2015 Regulations;
“contractual interest” means any interest or other amount that has accrued in relation to a relevant holding which has been added to its value in accordance with the terms and conditions applying to that relevant holding;
“date of determination” means the date that the Director of Savings determines to be the appropriate date to which a payment under regulation 5(3)(a) is to be calculated;
“deposit” has the meaning given in regulation 2 of the 2015 Regulations;
“depositor” means a person in whose name deposits have been made in the National Savings Bank;
“direct ISA” has the meaning given in regulation 4 (3) of the 2015 Regulations;
“eligible claim” has the meaning given in regulation 4;
“payment” means a payment determined in accordance with regulation 5;
“personal representative” means—
(a) the legal personal representative of a deceased person, or
(b) the person to whom the Director of Savings may make a payment without a grant of representation under regulation 54 of the 2015 Regulations;
“relevant holding” means—
(a) any account, bond, certificate, deposit, direct ISA, Treasury security, or stock registered by the Director of Savings in the name of a person who is now deceased, or
(b) any interest registered in the name of a person who is now deceased in any account in the name of the Director of Savings;
“relevant person” means the person to whom a payment is to be paid in accordance with regulation 6;
“the Scheme” means a National Savings remediation scheme established by regulation 3(1);
“stock” has the meaning given in regulation 2 of the 2015 Regulations;
“Treasury security” has the meaning given in regulation 2 of the 2015 Regulations.

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Source: https://www.legislation.gov.uk/uksi/2026/623/regulation/2 (the official version)
Page: https://openlegislation.uk/national-savings-remediation-scheme-regulations-2026/regulation-2
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.