Premium bonds

[vsb1001]

Mum has dementia and went into a care home in April this year. I was just trying to make sure no more mail goes to her old house and so I was writing to people and institutions asking them to use my address. Some people wanted to see our Power of Attorney first, which is reasonable, but NS&I, the premium bond people, sent me a very odd reply that I don’t understand. It’s copied below. Can’t people with dementia have premium bonds? Should I get and send the letter they ask for?
Has anyone else seen this?
Vanessa


“I’m sorry to learn of Mrs B’s condition

One of the conditions governing all our savings and investments is that the customer i.e. the person in whose name the holding stands, is able to fully understand the operation of her investment(s).

If Mrs B is not able to understand the nature of a simple business transaction, such as a repayment from the holding, we cannot accept her signature or mark as a valid authority to operate the holding. Normally, no further transactions are allowed.

Please, therefore, send me a doctor’s letter or certificate confirming whether Mrs B has this basic understanding.”

 

[jenniferpa]

I had real trouble with the premium bond people and I see they haven't upped their game. The vast majority of the correspondence I had with them was similar to this letter: their responses didn't match my questions.

I would write back to them and ask them what they mean: there's a good chance you'll get a different answer next time (I got several variations).

 

[BeckyJan]

My husband held Premium Bonds well before dementia and I released them as POA for his care. There was no problem except they would only accept original registered POA which was returned promptly.

This is from the Terms and Conditions on their website:

Who may buy and hold Bonds
16. Bonds may only be held in the name of one individual person. You may only buy Bonds:
(a) for yourself if you are aged 16 years or over;
(b) for a child under 16 years if you are their parent, grandparent, great grandparent, or guardian; or
(c) on behalf of and in the name of a person who lacks capacity if you are his or her deputy with the power to make investments on his or her behalf (or other person duly authorised in that behalf).

It seems from (c) that you should be able to purchase providing you have POA. It suggests that if you sign as POA it will be acceptable, but will not accept a 'mark' from someone who has lost capacity.

 

[jenniferpa]

Incidentally, I just looked at the NS & I site and they indicate that premium bonds can be purchased via a power of attorney.

I think what has happened is that whoever read your letter just saw the bit about your mother no longer having capacity and didn't understand the bit about you holding a power of attorney.

 

[JPG1]

Vanessa,

Premium Bonds can definitely be purchased and/or operated by a Power of Attorney.

Taken from NS&I's own website: http://www.nsandi.com/help/financialjargon#ns

"Power of Attorney — a legal document that authorises a particular person to act on behalf of someone else, for example to make investment decisions on their behalf."

All you need to do is to send the NS&I a copy of your PoA.

 

[lin1]

Hi VSB
Mum had premium bonds long before she developed dementia,
After mum lost capacity dad phoned to to get address to send the EPA to .

They sent a nice letter back thanking dad ect , so I think all they need is the LPA that they are probably unaware you hsve and thats why you received that letter, if you phone them n let them know you do have a LPA i think they will say send it in their will be no problem .
Hope this helps

 

[vsb1001]

Thank you for all the replies.
I'll send in the PoA after Christmas. This is a trivial thing compared to many of the problems aired on here, but I appreciate you all taking the time to help.

 

[florence43]

We had similar problems, but once they had the EPA on record (and that was before it was even registered) they accepted my signature and paid into her account. It's all a bit long-winded, but believe me...there are worse companies!!!!

Best of luck and I'm sure it'll be ok once they have the PofA on record.

Love,

 

[cragmaid]

Best of luck getting this sorted quickly, but the next jackpot already has my name on it, Sorry.!!x.

 

[vsb1001]

I sent in the PoA after Christmas with another letter. I am just trying to change an address for correspondence. It seems so simple.
Their reply this time,
"Thank you for sending the enclosed documentation.
For your convenience, we are returning it without delay on the assumption that you might need it to present it to other organisations.
We will reply shortly."

Surely, in the time it took to write that letter, they could have just changed the address on Mum's account?
This is a really trivial thing and I am not going to get upset by it, but this is getting silly.

 

[Contrary Mary]

As you say, not worth getting upset about, and some people may not have enough certified copies.

I remember getting this letter when I sent in Mum's POA. And I did get a proper reply shortly after.

Mary
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