NS&I customer given wait of ‘6-9 months’ to access late wife’s savings | UK | News
NS&I faces accusations of losing track of savings (Image: Getty)
National Savings and Investments (NS&I) has told a grieving widow to wait up to nine months before he can access his late wife’s savings, as the government-backed bank struggles with a deepening mortality crisis. Kevin Jones, 68, of Harlow, Essex, lost his wife on February 17. After submitting a death form online, she was unable to receive any confirmation of receipt, unlike every other financial institution she contacted.
While monitoring progress, an NS&I consultant informed him that the process could take “between six and nine months.” Mr Jones was told the delays were due to the bank being “understaffed”. Mr Jones said: “I contacted NS&I after completing the death form online and not receiving confirmation. When I asked how long I would have to wait for the issue to be resolved I was told six to nine months.”
Read more: NS&I embroiled in row over unpaid payments to bereaved families
Read more: Martin Lewis’ recommendation for ‘6-year’ rule on state pension after April 2025 change
Shadow Chancellor Mel Stride (Image: Getty)
The case, reported by the BBC, highlights the growing chaos at NS&I; NS&I is set to pay up to £400 million to around 37,000 savers whose money has been lost in a major scandal that has already emerged. Telegram This week.
The savings giant, which is responsible for £240 billion from more than 24 million customers, has been accused of failing to track lifetime savings, delaying transfers and failing to provide Premium Bond rewards to bereaved families.
A second case has emerged involving Peter Attwell, 71, from Barry in the Valley of Glamorgan. He is trying to organize the affairs of his brother, who died without a valid will at the beginning of January. His closest relative is Attwell’s 94-year-old mother, who has dementia and cannot sign paperwork.
Mr Attwell claimed NS&I had “stalled”. Yesterday he was told to call back in two weeks as staff were still off-loading from mid-February, bringing the total wait time since first contact to close to three months.
Mr Attwell said: “He is incompetent and therefore cannot sign the papers. Totally unacceptable!”
The revelations come as Pensions Minister Torsten Bell prepares to give the House of Commons an update on the scandal today. Treasury officials are in talks with NS&I over the £400 million repayment, which is expected to be funded by taxpayers.
Opposition politicians condemned the failures. Shadow Chancellor Sir Mel Stride warned: “Hard-working taxpayers may have to foot the bill for the staggering mismanagement of the 160-year-old institution.”
NS&I boss Dax Harkins is under increasing pressure. The bank is already facing criticism over the rising costs of its troubled IT modernization programme, which has been called a “full-scale disaster” by MPs.
An NS&I spokesman had previously apologized to affected customers and acknowledged that bereavement support had fallen below expected standards.
The cases raise new questions about whether the bank can handle even basic administrative tasks at a time when families are vulnerable. Customer frustration appears to be increasing, with Premium Bond reward rates also being reduced from April.
Express.co.uk has contacted NS&I for comment.
