Adult - Tax Exempt Savings Plans
(Without Life Cover)
Only societies like ours are able to provide these kind of savings plans, which allow you to take advantage of a special government tax break for regular savers. This version of the plan comes without the life cover often provided by this type of investment.
Get into the saving habit
A guaranteed return
When you take out your policy we’ll tell you the absolute minimum you’ll get when the plan matures (as long as you’ve kept up all of your contributions of course). This is called your sum assured. We also give regular bonuses every year and add them to the value of your policy. These can never be taken away - and you may also get a final bonus at the end of your term. The level of bonus added each year is not guaranteed and can change.
A tax exempt pay out
Choose how long you want to save for - anything from 15 years to 25 years. It’s the perfect way to plan for a big event that’s coming up in the future. Whether it’s the holiday of a lifetime or an anniversary surprise, you can start saving now.
Any UK resident up to the age of 70 can invest in a Healthy Investment Tax Exempt Savings Plan (without life cover).
You might consider this plan if you already have savings in a bank or building society and you are now looking to put some money in to an investment which has some risk but potentially higher returns and the proceeds of which are paid tax free.
Save from as little as £10 per month or a maximum of £25 per month (or £270 per year).
You can have your Tax Exempt Savings Plan (without life cover) mature on a specific date, or simply select a term between 15-25 years, providing it matures on or before your 80th birthday.
Depending on the term you choose you should see this as a medium or long term investment.
Although the Tax Exempt Savings Plan (without life cover) grows through bonuses, bonus rates are not guaranteed and in exceptional circumstances could be nil.
If your circumstances change and you are unable to continue your payments you may receive back less than you have invested and in the first year you are unlikely to receive back anything.
Inflation will reduce what the proceeds of the policy will be able to buy in the future.
Tax rules can change at any time.
If you have any doubt whether this Tax Exempt Savings Plan (without life cover) is right for you, you should seek financial advice.
If you decide to invest in a Healthy Investment Tax Exempt Savings Plan (without life cover), you will be investing into our Ethical With-profits Fund, which includes a mix of stocks and shares, fixed interest bonds, commercial property and cash deposits. The mix of assets held changes over time.
Our Ethical With-profits Fund does not knowingly invest directly in companies in the alcohol, tobacco and arms industries and gambling and pornography providers.
The Board aims to provide a consistent return by smoothing the investment return to avoid volatile fluctuations in the value of your investment. Smoothing may not protect you against long term or sustained falls in the value of investments.
For further information on our Ethical With-profits Fund please click here.
A reversionary bonus is an annual bonus, which once added to your Tax Exempt Savings Plan (without life cover), can never be taken away, providing all future premiums are paid.
It’s expressed as a percent of your guaranteed sum assured so it cannot be compared to a rate of interest.
Below are previous reversionary bonus rates we’ve applied to our Tax Exempt Savings Plan (without life cover):
2016 – 1.25%
2015 – 1.25%
2014 – 2.00%
The level of bonus depends on investment performance, our expenses and our solvency margin over the previous year as well as the Board’s expectations of future performance. The level of bonus also reflects the capital and bonus guarantees. The rate of bonus can change every year and could in exceptional circumstances be nil.
All reversionary bonus rates are net of charges. The bonus rate declared is the bonus rate you receive.
Unlike declared reversionary bonus rates, which can never be changed, interim bonus rates can be increased or reduced by the Board at any point during the year. The current interim bonus rates are based on a prudent view of future investment performance, solvency and expenses over the year. Interim bonus is paid on policies paid out within the year on both full withdrawal and death.
For our current interim bonus rates please contact our office.
A terminal bonus is an additional final bonus which may also be added on maturity or in the event of the death of the investor. The rate of final bonus can be changed at any time or can be withdrawn altogether.
No life cover
The Healthy Investment Tax Exempt Savings Plan (without life cover) does not include life cover.
If you would like a Tax Exempt Savings Plan with life cover, please click here.
If you were to die during the term of your policy, and the premiums were paid up to date, we would pay either the surrender value, or all the premiums paid to date plus interest, whichever value is higher.
The sum assured you receive when you take out a Healthy Investment Tax Exempt Savings Plan (without life cover) is the absolute minimum you are guaranteed to receive at the end of your chosen term, providing all the premiums have been paid.
Every year we may add a bonus to your Tax Exempt Savings Plan (without life cover) to increase the guaranteed amount you will receive on maturity. The bonuses, which are decided by the Board, are calculated as a percentage of your original sum assured. Once a bonus has been declared and added to your policy it can never be taken away.
Bonus rates can change every year and could in exceptional circumstances be nil. They depend on investment performance and other factors.
When your policy matures you may also receive a terminal bonus to further increase your maturity amount. The terminal bonus isn’t guaranteed and can be increased, decreased or removed altogether at any time.
The level of bonus depends on investment performance, our expenses and our solvency margin over the previous year as well as the Board’s expectations of future performance.
The Key Information Document includes examples of what you might receive back based on different investment scenarios. It also helps you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products.
Download our latest Key Information Document for our Tax Exempt Savings Plan (without life cover).
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Call Jerrol on 0161 762 5790
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Make sure you have read and understood the information provided
Download and carefully read the Key Information Document. This is our standard client agreement and you should read these terms carefully for your own benefit.