# The National Savings (Remediation Scheme) Regulations 2026, Regulation 5


(1) Payments under the Scheme are paid in relation to an eligible claim.
(2) Any payment under the Scheme must be paid to the relevant person in accordance with regulation 6.
(3) Where the Director of Savings has retained in error a relevant holding, the Director of Savings may—
(a) pay the greater of—
(i) the amount of contractual interest paid or due to be paid on a relevant holding which has accrued from the relevant date to the date of determination, and
(ii) the amount of interest that would have accrued had if, instead of the contractual interest being applied, the Bank of England Base rate plus 1 per cent had been applied to the relevant holding from the relevant date to the date of determination;
(b) pay an additional payment determined in accordance with paragraph (4).
(4) In determining the amount of the additional payment the Director of Savings must have regard to—
(a) any losses incurred by the estate of a deceased person; and
(b) the costs of any further administration of the estate of the deceased person;
as a result of the retention in error of a relevant holding.
(5) In this regulation “relevant date” means—
(a) the first date on which the Director of Savings retained in error a relevant holding;
(b) where this date is not known, the date of death of the deceased person.

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Source: https://www.legislation.gov.uk/uksi/2026/623/regulation/5 (the official version)
Page: https://openlegislation.uk/national-savings-remediation-scheme-regulations-2026/regulation-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.