I'm happy to wait a little longer - say another couple of days?
Thanks for your answer - I understand I will have to convert the Premium Bonds to a normal bank account but what I don't understand is according to FM 1.7 paragraph 7.2.4 :
For example, in the UK a „stocks and shares‟ Individual Savings Account (ISA) does meet the definition of a savings account and the funds can be considered as cash savings if all the requirements above are met. Likewise, a pension savings account from which savings can be immediately withdrawn (like the 401K in the US).
Why is it that a SIPP that is immediately available for withdrawal and meeting the other requirements (List 1 to 11 Held in a bank or building society etc...) set out in FM 1.7 would not be regarded as Cash Savings?
Is there another document or do you have a reference of some kind that I can refer to?
I shall face a heavy tax penalty for converting the SIPP funds to cash :(