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The Kingston Unity Tax Exempt Savings Plan is an easy way to save for the future, by putting aside a small amount from as little as £5.00 up to £25.00 per month or between £50 and £270 annually. You can also choose how long you would like to save for - perhaps to link in to a child's 18th birthday or as part of a retirement nest egg - the minimum term is 10 years and the maximum is usually 30 years.
We also give you security by providing a guaranteed minimum tax free amount on maturity (assuming all the premiums have been paid) and this will depend on how much you decide to save and for how long. You also have the option to take a plan with a minimum death benefit or look to make the most of your savings by not taking it.
In addition to the guaranteed lump sum we may declare a bonus each year based on the performance of the underlying investments, and whilst the level of this is not guaranteed, once added it cannot be taken away, provided the Plan is taken to maturity. You may also get a ‘terminal’ bonus when the Plan matures. Both of these bonuses are tax free under current legislation.
For full information please download and read the relevant Tax Exempt Savings Plan Information Pack which includes our Key Features & Product Guide along with a generic illustration of this product.To apply for this product you will need to download an application pack.
Packs are available for the basic Tax Exempt Savings Plan, Tax Exempt Savings Plan with Life and Child Tax Exempt Savings Plan.
If you require a specific illustration or need further details please contact us on 01924 240164 or email enquiries@kingstonunity.co.uk.
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You can save between £5 and £25 per month for a minimum of 10 years. Premium levels and the term must be fixed at the start of the Plan.
Any payments to existing Friendly Society Tax Exempt Savings Plans must be taken into account.
If you wish you can pay your premiums annually – we accept annual payments of between £50 and £270 – again the premium must be fixed at onset.
You are entitled to pay up to £25 per month into Friendly Society Tax Exempt Savings Plans. If your existing payments are less than £25 per month then you can still open a Kingston Unity Plan as long as your payments in total are no more than £25 per month (or £270 per year if paid yearly).
The plan currently has charges of 50% of the first year's premium and 5.5% of the annual premium after the first year.You share in all the profits and losses of running the with profits fund. This will include sharing in any profits and losses from expenses of the whole fund being above or below the total of all the charges levied.
At the start of the Plan you will be given a sum assured based on your age and the premium level you choose to pay. The sum assured is the minimum amount you will receive on maturity, provided you pay all the premiums due and you let the Plan run to the maturity date.
At maturity you will receive the sum assured plus any bonuses that have been added to the Plan.
If you choose to cash your Plan in early by surrendering your Plan then you will not receive anything if you surrender before one year’s premiums have been paid.
If you surrender your Plan after one year but before the maturity date then your surrender value will depend on how long you have paid your premiums for. You will not get back more than you have paid in if you surrender in the early years.
As long as the Kingston Unity Child Tax Exempt Savings Plan runs for a minimum of 10 years (the term is fixed at the start) it can be arranged to mature on a child’s birthday.
A child is entitled to the same monthly allowance of £25 for Friendly Society Tax Exempt Savings Plans. If her existing plan premiums are less than £25 per month then you can still open a Kingston Unity Child Savings Plan.
When a child Tax Exempt Savings Plan matures, the proceeds are always payable to the Child regardless of their age at maturity.
The premiums are invested in the Kingston Unity With-Profits Fund which invests in a mixture of assets such as property, fixed deposits, shares and cash. Find out more »
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