NS&I ILSCs: consolidating
Posted: August 22nd, 2019, 10:31 am
Still struggling with NS&I and thought I'd post here in case anyone had any insight or experience or wisdom (there's usually lots here!)
Am sole exor for my mother's estate. She had some (22) index-linked savings certificates (ILSCs). ILSC can be passed on intact to beneficiaries. There are two, possibly three beneficiaries, and they would like to inherit the ILSCs intact. Ideally, it would be most practical (save a lot of work) to consolidate the 22 ILSCs into two ILSCs for the two beneficiares (they already hold some ILSCs in their own right). However, NS&I no longer permit splitting or consolidating, which is not very helpful. I know that ILSC are now considered old hat by NS&I and haven't been on sale for new customers for ages and have different terms, rates, and inflation-measures but they're still around and held by many customers as long-term savings. When doing a bit of research for these thoughts, I stumbled across this which made interesting reading:
https://www.parliament.uk/documents/com ... 040618.pdf
I am currently (finally) talking to someone as NS&I who understands the situation and isn't reading from a script and clearly wants to help resolve.
Ideally, I'd like to consolidate all 22 ILSCs into two. Has anyone done this recently (for a deceased estate or otherwise). Would it be so difficult for NS&I to nominally cash in all certificates and allocate to two ILSCs of the currently available issue for matured rollover certificates for a chosen term?
NS&I seem unable to consolidate or split, and it seems very embedded ("it's the rules") into their banking systems since they put new processes in place in 2012. I'm tempted to try and push this up a level (ombudsman, MP?) to see if this can get some airtime, as I can't be the only person in this position and I'm told there are some clients with 100s of "accounts" (which is what individual ILSCc are now described as) which might make sense to be able to consolidate. It must be such an administrative overhead (esp those not on e-mail who will be receive annual paper statements) to have customers with large numbers of accounts, who might be willing to consolidate some or all; and it might even save some costs (heaven forbid!) and paper. NS&I are able to change their rules (e.g. to shift from RPI to CPI) so their rules are not completely set in stone. It's quite tricky getting to talk to anyone within NS&I who might have some insight and some influence but I'm getting closer. I'm sure there are pros and cons to the consolidate or not matter, but it would nice to hear both sides of NS&I's views on this matter as well.
All comments, suggestions welcome.
TIA
(posted to uk.legal.moderated this week as well and ideas from there fed in here)
Am sole exor for my mother's estate. She had some (22) index-linked savings certificates (ILSCs). ILSC can be passed on intact to beneficiaries. There are two, possibly three beneficiaries, and they would like to inherit the ILSCs intact. Ideally, it would be most practical (save a lot of work) to consolidate the 22 ILSCs into two ILSCs for the two beneficiares (they already hold some ILSCs in their own right). However, NS&I no longer permit splitting or consolidating, which is not very helpful. I know that ILSC are now considered old hat by NS&I and haven't been on sale for new customers for ages and have different terms, rates, and inflation-measures but they're still around and held by many customers as long-term savings. When doing a bit of research for these thoughts, I stumbled across this which made interesting reading:
https://www.parliament.uk/documents/com ... 040618.pdf
I am currently (finally) talking to someone as NS&I who understands the situation and isn't reading from a script and clearly wants to help resolve.
Ideally, I'd like to consolidate all 22 ILSCs into two. Has anyone done this recently (for a deceased estate or otherwise). Would it be so difficult for NS&I to nominally cash in all certificates and allocate to two ILSCs of the currently available issue for matured rollover certificates for a chosen term?
NS&I seem unable to consolidate or split, and it seems very embedded ("it's the rules") into their banking systems since they put new processes in place in 2012. I'm tempted to try and push this up a level (ombudsman, MP?) to see if this can get some airtime, as I can't be the only person in this position and I'm told there are some clients with 100s of "accounts" (which is what individual ILSCc are now described as) which might make sense to be able to consolidate. It must be such an administrative overhead (esp those not on e-mail who will be receive annual paper statements) to have customers with large numbers of accounts, who might be willing to consolidate some or all; and it might even save some costs (heaven forbid!) and paper. NS&I are able to change their rules (e.g. to shift from RPI to CPI) so their rules are not completely set in stone. It's quite tricky getting to talk to anyone within NS&I who might have some insight and some influence but I'm getting closer. I'm sure there are pros and cons to the consolidate or not matter, but it would nice to hear both sides of NS&I's views on this matter as well.
All comments, suggestions welcome.
TIA
(posted to uk.legal.moderated this week as well and ideas from there fed in here)