Typical questions asked about our Tax Exempt Plan
How much can I save in a Tax Exempt Plan?
The Government restricts the amount that an individual can save in a tax-exempt plan because of the tax concessions available. Under current legislation the maximum individual investment is £25 per month or £270 annually. The minimum you can save in the Sheffield Mutual plan is as little as £5 per month or £50 annually.
Who can save in this Tax Exempt Plan?
Anyone can start a plan or have several plans within the overall maximum levels of £25 per month or £270 annually. The maximum figure includes any tax-exempt savings plan held with another Friendly Society.
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.
Can I make early withdrawals?
You cannot make any withdrawals 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 growth after medium to long term investment and the surrender value may be less than the amount you have paid in.
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 additional benefit of life cover, and we will be pleased to supply further information to you.
Can the Society provide me with advice?
Yes. If you would like one of our financial advisers to see 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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