About NS&I /

Who we are

• The story of NS&I
• Relationship with HM Treasury
• The board and committees 
• Directors' Expenses
• Partnerships

The story of NS&I

In 1861 the Palmerston Government set up the "Post Office Savings Bank" - a simple savings scheme aiming to encourage ordinary wage earners "to provide for themselves against adversity and ill health".

The scheme quickly became very popular, and the deposits found their way from the Post Office to the Exchequer, providing a fund which the then Chancellor, William Gladstone, could borrow for putting towards public spending.

This set two principles which have remained in place ever since:

Significant expansion over the next century included the introduction of Savings Certificates during the First World War to help finance the war effort, while Premium Bonds were officially launched for sale on 1 November 1956 by Harold Macmillan, Chancellor of the Exchequer. The first draw took place on 1 June 1957.

1969 saw the first main structural change - the Post Office Savings Bank became a separate government department accountable to Treasury Ministers, and was renamed National Savings. The Post Office still play a major role in supporting NS&I’s business as a distribution outlet for NS&I’s products, alongside our website, call centres and now WHSmith.

Over the years NS&I has developed its range of savings and investments to suit the market and meet the needs of customers and the UK Government's need for funding.

On 1 July 1996 National Savings became an Executive Agency of the Chancellor of the Exchequer. In February 2002 the organisation became known as National Savings & Investments, and later this was shortened to NS&I. While NS&I remain accountable to HM Treasury, Agency status has given us greater autonomy in day-to-day management.

Back to top

Relationship with HM Treasury

When customers invest in NS&I products, they are lending to the Government. In return the Government pays interest, stock market linked returns or prizes for Premium Bonds, all with a capital guarantee. HM Treasury uses the money invested in NS&I to manage the national debt cost-effectively, contributing to the Government’s financing needs.

Framework document
The Framework Document explains how NS&I operates. It gives details of how we are managed, our relationship with the Government, what our aims are and how our performance is assessed. Click on the link below to download it. The pdf will open in a new window.

• Framework Document

Service delivery agreement/measures
The Service Delivery Agreement is our contract with the Government. It sets out how we go about meeting our aim of helping to reduce the cost of the nation's borrowing and how our performance is measured. Click on the link below to download the agreement. The pdf will open in a new window.

• Recent Service Delivery Agreements have been incorporated into our Annual Report
• Service Delivery Agreement 2003-04 to 2005-06
• Service Delivery Agreement 2001-02 to 2003-04

Landscape Review
A Landscape Review of NS&I was commissioned by HM Treasury Ministers in 2005 and completed in 2006. Landscape Reviews are the process for assessing the effectiveness of the framework for delivering policy within the Agency structure.

This document provides a stakeholder summary of the findings of that review, which provide greater context for NS&I's five-year business strategy "NS&I Adding Value."

• Landscape Review

Back to top

The board and committees

The NS&I board consists of Executive and Non-executive Directors and representatives of HM Treasury. Seven of the board also make up the executive management team.

View our Annual Report for more information on our board.

• Download a copy of the NS&I board responsibilities and terms of reference

Directors' Expenses

NS&I staff members undertake their duties in line with the requirements of the Civil Service Code and Civil Service Management Code, which make clear that civil servants must make sure public money and other resources are used properly and efficiently. Click below to view a list of business expenses claimed by NS&I Executive Directors and Non Executive Directors for the financial year 2008/09.

• Directors' Expenses

NS&I has published the following information about NS&I Executive Directors and Non Executive Directors business expenses & hospitality for the period 1 April - 30 June 2009. NS&I will continue to publish similar information on a quarterly basis.

• Expenses & Hospitality 1 April- 30 June 2009

Back to top

Audit Committee
The main responsibility of the Audit Committee is to advise the Accounting Officer and the board on:

The Audit Committee of NS&I meets quarterly. Membership of the Audit Committee during 2008/09 comprised Martin Gray, Simon Ricketts, and a member of HM Treasury’s Debt and Reserves Management team. Executive Directors have a standing invitation to attend as do NS&I’s Head of Internal Audit, the National Audit Office (NAO) and  PriceWaterhouseCoopers, who are the NAO’s framework partners for the NS&I product accounts. Siemens also have a standing invitation for appropriate matters.

• Download a copy of the Audit Committee terms of reference

Appointments and Remuneration Committee
The Appointments and Remuneration Committee comprises two Non-executive Directors and two Executive directors: the Chief Executive and the Director, People and Environment.

The Committee’s role is to determine NS&I’s pay strategy for Senior Civil Service (SCS) members. This includes making final decisions on pay and bonus awards within the parameters set by the Cabinet Office for the SCS following recommendations by the Senior Salaries Review Body. The Committee also advises on the role and appointment of Executive NS&I board members. It also assesses the relative contribution of NS&I’s SCS in achieving corporate objectives.

• Download a copy of the Appointments & Remuneration committee terms of reference

Back to top

Partnerships

Working in partnership with Siemens
NS&I embarked on an ambitious modernisation programme in April 1999 when it signed a pioneering Public Private Partnership with Siemens Business Services, now known as Siemens IT Solutions & Services. Over 4,000 staff were transferred from National Savings to Siemens IT Solutions & Services, who now manage the operational components of our business, including the service delivery of our products, operation of our customer call centres, IT and systems upgrade and support for our services.

The partnership helped make Siemens IT Solutions & Services one of the UK's major providers of front and back office services, while NS&I gained access to leading-edge IT systems, transaction processing, and business transformation expertise. The original partnership deal was for 10 years, and in 2004 it was extended for another five years, taking the partnership to 2014.

One of the most innovative elements of the partnership with Siemens IT Solutions & Services is the creation of joint goals at all levels through both organisations. This has meant significant customer service improvements and cost efficiencies. The partnership has meant improved customer access to NS&I’s products and services, and the introduction of the telephone and internet as key sales and service channels.

Download a copy of the Public Private Partnership reports below:

• PPP in practice: National Savings and Investments' deal with Siemens Business Services, four years on (2003)
• National Savings Public-Private Partnership with Siemens Business Services (2000)

Post Office®
NS&I’s primary high street partner is the Post Office®, where customers can carry out NS&I transactions or pick up our brochures in branches nationwide.  Customers can purchase NS&I products through not only Post Office branches, but also the Post Office website.

WHSmith
NS&I’s marketing partnership with WHSmith began in November 2007 and features NS&I literature in 400 of WHSmith’s high street stores.

As WHSmith’s stores are often in very central locations on the high street and in shopping centres, the partnership gives customers even greater access to information about our products and services, while they are out shopping.

Back to top