Typical questions asked about our Regular Savings Plan
Can I select the term of my savings plan?
Yes, you may choose the period over which you would like to save with a minimum term of 10 years and a maximum of 25 years.
Who can save in this plan?
Anyone over the age of 18 can have a regular savings plan.
Can I have a plan for a child?
Yes, even though a child may not have his/her own income an adult may pay the subscription on his/her behalf. This is an excellent way to build a lump sum for your children’s future needs, be it a first car, a deposit on a starter home or to cover University tuition costs.
Can I make early withdrawals?
You cannot make a partial withdrawal but if your circumstances change, providing you have paid at least one year's premiums, you can surrender your policy. However, the plan is designed for medium to long term investment and the surrender value may be less than the amount you have paid in. You may also be liable for additional tax on any investment gain.
What happens if I die before the maturity date?
In the event of death before the end of the term, the Society will refund all premiums paid plus interest up to the date of death.
Is life cover included?
No, this plan does not include any life cover. However, we do offer plans which have the benefit of life cover, and we will be pleased to supply further information to you.
Is there any tax liability?
The money which you save is invested in a fund on which the Society pays tax. Providing the policy runs its full term and you are a basic rate tax payer in the year in which you receive the proceeds of your policy, you will not be subject to further taxation. However, if you are a higher rate tax payer in the year in which you receive the proceeds, you may be liable to tax on your investment gain at the difference between the higher and basic rates of tax. This information is based on our understanding of current taxation legislation which may change in the future.
How do I start my plan?
Simply decide how much you would like to save, for how long, and whether you would like to save monthly or annually. You should then study the 'Key Facts' literature and, providing you do not need any advice, complete and sign the application form, direct debit mandate and execution only letter. Don’t forget to enclose a proof of identity (List A) and a proof of address (List B) noted on the Money Laundering information sheet. Return all the above items to:
Freepost RLUC-XKZE-RJAT
Sheffield Mutual Friendly Society
3 Maple Park
Maple Court
Wentworth Business Park
Tankersley
Barnsley
South Yorkshire
S75 3DP
along with a cheque for the initial premium.
Can the Society provide me with advice?
Yes. If you would like one of our financial advisers to meet with you either at your home or other convenient location please write to us at:
Sheffield Mutual Friendly Society
3 Maple Park
Maple Court
Wentworth Business Park
Tankersley
Barnsley
South Yorkshire
S75 3DP
or by telephone 01226 741000
or via e-mail on enquiries@sheffieldmutual.com
Do I need to provide any additional Information?
In order to comply with regulations, the Society will require confirmation of your identification and address. We will therefore ask to see documents such as a passport or driving licence and utility bills or bank statements before issuing a policy.
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