Committee publication · Estimate memoranda · 13 May 2026
NS&I 2026-27 Main Estimate Memorandum
From: Treasury Committee
Summary
NS&I's 2026-27 Main Estimate seeks £380.3 million in Resource DEL, £81.4 million in Capital DEL, and £17.0 million in Resource AME. The £33.9 million increase in Resource DEL from 2025-26 reflects continued investment in NS&I's Business Transformation Programme. The estimate includes a bereavement claims issue affecting up to 37,500 customers and £476 million in potential liabilities, currently under investigation.
Key findings
- Resource DEL increases 8.9% to £380.3 million, primarily driven by Business Transformation Programme costs peaking in 2026-27 before declining to £201.2 million by 2028-29.
- Capital DEL decreases 9.7% to £81.4 million, reflecting planned transition from build phase to delivery and implementation of the Transformation Programme.
- NS&I identified a bereavement claims issue on 26 March 2026 affecting up to 37,500 deceased customers' estates worth £476 million; financial impact quantification and accounting treatment pending.
- Efficiency targets include £1 reduction in consultancy spend, Learning & Development reductions, travel controls, and marketing research cuts, targeting at least 1% RDEL efficiency annually.
- Service Delivery Measure target set at £15 billion net financing (+/- £4.0 billion); other ministerial targets to be published in 2025-26 Annual Report.
Tone
ProceduralTopics
Key actors
National Savings and Investments (NS&I), HM Treasury, Chancellor of the Exchequer, Minister for Pensions, Sir Jim Harra, Government Property Agency, House of Commons Scrutiny Unit, Cabinet Office
Notable line
“… up to 37,500 bereavement claims with a total value of up to £476 million where the estates of deceased customers were not always repaid money from all of their NS&I accounts following …”
Key Quotes
“NS&I had identified an issue affecting up to 37,500 bereavement claims with a total value of up to £476 million where the estates of deceased customers were not always repaid money from all of their NS&I accounts following a bereavement claim.”
“The upward trend accelerated in 2024-25 and is expected to peak at £380.3million in the 2026-27 Main Estimate, driven by the transition to full implementation and delivery phases of the Transformation Programme.”
“From 2027-28 onwards, planned Resource DEL, as set out in the SR25, is projected to decline to £201.2 million by 2028-29. This reflects the expected tapering of programme spend as the Transformation Programme moves beyond peak delivery into a more stable operational phase …”
“The programme has experienced significant delays in delivery and an increase in costs. NS&I is currently developing several costed options for the programme to identify a recommendation for submission to Ministers.”
Source · parliament.uk record ↗