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Index-linked Savings Certificates

bought between 2 June 1975 and 7 October 1996

Index-linked Savings Certificates

bought between 2 June 1975 and 7 October 1996

We’re changing the return on these investments

  • Did you buy any Index-linked Savings Certificates from NS&I (formerly National Savings) between 2 June 1975 and 7 October 1996 (Issues 1 to 9)?
  • Do you still have the money invested?
  • If so, you need to know that we’re about to change the return you earn on these investments.

These investments are on what we call ‘extension terms’, earning index-linking only. We are now making a change to the extension terms. Your investment is currently index-linked to the Retail Prices Index (RPI), which is one measure of inflation. But from the next anniversary of your investment that falls on or after 1 May 2019, we will calculate the index-linking using the Consumer Prices Index (CPI) instead. The CPI is generally lower than the RPI, so this means you will probably receive a lower return.

(To find out more about CPI and RPI, visit the Office for National Statistics website at ons.gov.uk and search for CPI all items index or RPI all items index.)

  • How to find out your anniversary date

    For Issue 1 (known as Retirement Issue) and Issue 2, your anniversary date will be 11 November. For Issues 3 to 9 your anniversary date will be the same day and month that you originally bought your Certificate. Please see your original Certificate to check your Issue number and the date you invested.

  • Your choices

    Here are the options open to you:

    Option 1: reinvest into a current Issue of Index-linked Savings Certificates

    If you reinvest in a current Issue before 1 May 2019, you will earn index-linking based on the Retail Prices Index (RPI), plus a small amount of additional interest, for a fixed term of 3 years or 5 years. Please note the current value of each Certificate you reinvest must be at least £100.

     

    Option 2: cash in your investment

    You can cash in your investment at any time with no penalty.

     

    Option 3: keep your investment on index-linked extension terms

    Note that if you choose this option, we will calculate your index-linking using CPI instead of RPI from your investment’s next anniversary date that falls on or after 1 May 2019.

    You can also choose two or more of these options if you prefer.

     

     

  • What to do next

    If you’re happy to keep your investment on Index-linked Extension Terms, you don’t need to do anything. Just remember that we will calculate the index-linking using CPI instead of RPI from the next anniversary of your investment that falls on or after 1 May 2019.

    To reinvest into a current Issue of Index-linked Savings Certificates

    First check the summary box to see what rates and terms are available, and have a look at the key features and terms and conditions

    Then write to us at NS&I, Glasgow, G58 1SB with all the following information:

    • your Certificate number(s) if known
    • your full name and current address
    • your address at the time you invested (if different)
    • which term you want to reinvest in
    • how much from your Certificate you want to reinvest

    Please make sure you sign and date your letter, and enclose your original Certificate if you still have it.

    And remember, the current value of each Certificate you reinvest must be at least £100.

    If you want to reinvest in an Issue linked to the Retail Prices Index (RPI), we will need to receive your instructions by 30 April 2019 at the latest.

    If we receive your instructions after that, your new Certificate will be linked to the Consumer Prices Index (CPI).

    To cash in your investment:

    Print this form, complete it and post it to us:

    Index-linked Savings Certificates cashing in form

    Please ignore the note on the form that talks about a penalty for cashing in early – this won’t apply to you as any Certificates on extension terms have already matured.

    Not got a printer?

    Don’t worry, you can write to us at NS&I, Glasgow, G58 1SB with all the following information:

    • your Certificate number(s) if known
    • your full name and current address
    • your address at the time you invested (if different)
    • how much from each Certificate you want to cash in
    • how you want us to pay you – either by warrant (like a cheque) or direct to your bank account (please give your sort code and account number)

    Please make sure you sign and date your letter.

  • Your questions answered

    I think I might have bought Index-linked Savings Certificates between 1975 and 1996, but I’m not sure. What should I do?

    We can check this for you through our ‘Tracing Service’. Follow these links to find out about our Tracing Service and to download our tracing request form:

    Tracing Service brochure
    Tracing Service form

    Not got a printer?

    Don’t worry, you can write to us at Tracing Service, NS&I, Glasgow, G58 1SB with all the following information:

    • your full name and current address
    • your address at the time you invested (if different) and any other previous addresses
    • your previous name if it has changed, for example through marriage or divorce
    • the approximate date and year you invested in Index-linked Savings Certificates
    • the approximate amount you invested in Index-linked Savings Certificates
    • any other information you think might be relevant

    Please make sure you sign and date your letter.

    The person who held the Certificate(s) is no longer alive. What should I do?

    We’ll do our best to make the process straightforward for you. You can find out how to deal with a deceased person’s NS&I investments here:

    What to do if an NS&I customer has died