Tax Exempt Savings Plan

Our Tax Exempt Savings Plan or TESP allows you to build up a tax-free lump sum for the future on top of your annual ISA allowance

A low entry, tax-free investment from as little as £15 per month

There are two reasons why our Tax Exempt Savings Plan is a family favourite: It encourages the habit of saving regularly, whilst offering long-term tax-free growth potential for you and your family.

We offer two types of TESP, one with Life Cover and one without. Simply select which type of plan you would like on your application form. Open your plan with a regular premium of £20 a month or more to receive a £20 Amazon.co.uk gift card* on us.

What is a Kingston Unity TESP?

Additional Tax-Free saving

Our Tax Exempt Savings Plan is precisely that – a tax-free savings solution in addition to your annual ISA allowance that is unique to Friendly Societies such as us. Available to both adults and children.

Accessible Investing

Our TESP offers a low-entry to investment with no hidden fees or unexpected risks to your money. Open a TESP for a child from as little as £5 to £25 a month or £15 to £25 a month for adults.

Capital Guaranteed

Calculated at the start of the plan and paid out when your plan matures, your TESP will deliver a guaranteed return, plus any bonuses we may add. Bonuses are not guaranteed, but once added they can’t be removed.

Tax free investing for your loved ones is easier than you think.

Investing for yourself and your loved ones is easier than you think

  • Available for all – Our TESP offers a low-entry to investment for adults and children living in the UK with no hidden fees or unexpected risks to your money.
  • You choose how much – Select your regular monthly premium at the start of your plan, from £15 to £25 per month for adults and from £5 to £25 per month for a child.
  • You say when – Choose a fixed savings period, from 10 to 30 years, or a specific date, such as a special birthday! The plan must run for at least 10 years.
  • Receive a Guaranteed Lump Sum – Calculated at the start of the plan and paid out when your Tax Exempt Savings Plan matures.
  • Know what to expect – Bonuses are calculated using your Guaranteed Lump Sum, not the amount you’ve saved to date. Bonuses are not guaranteed, but once added, a bonus can’t be removed.
  • The option of Life Cover – For those aged 65 and under at the date of application, a Life Cover option is available.
  • A £20 welcome gift* – Open a plan with £20 a month and receive a £20 Amazon.co.uk Gift Card* as a welcome gift from us.

 

On your side

As a mutual, we are here to create returns for our Members and not for corporate profit. Our mutual ethos means our Members are our shareholders and all surplus profits are returned to them as a bonus. It is this mutual ethos that has been the bedrock of our society for over 178 years.

Your Questions Answered

The more commonly asked questions and answers about our Tax Exempt Savings Plan

Your money is protected by the Financial Services Compensation Scheme

Important Information

Please ensure that you read the full product guide, Key Information Document and Terms and Conditions within the application pack before applying for your TESP. If there is anything you do not understand then please contact us for clarification.

We are not able to offer advice so if you require advice on whether this is the right product for you, you should seek advice from an Independent Financial Adviser (IFA). You may be charged for this advice.

Tax treatment is based on our current understanding of rules which may change in the future and will depend on individual circumstances.

*Term and Conditions apply. View them here

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Please Note: You must confirm you have read the key facts, before downloading this document.

Key Facts about our services and costs

1. The Financial Conduct Authority (FCA)

The FCA is the independent watchdog that regulates financial services. This document is designed by the FCA to be given to consumers buying certain financial products. You need to read this important document. It explains the service you are being offered and how you will pay for it.

2. Whose products do we offer?

We offer products from the whole market

We only offer products from a limited number of companies

We only offer our own products

3. Which service will we provide you with?

We will advise and make a recommendation for you after we have assessed your needs.

You will not receive advice or a recommendation from us. We may ask some questions to narrow down the selection of products that we will provide details on. You will then need to make your own choice about how to proceed.

We will provide basic advice on a limited range of stakeholder products and in order to do this we will ask some questions about your income, savings and other circumstances but we will not:

  • conduct a full assessment of your needs;
  • offer advice on whether a non-stakeholder product may be more suitable.

We can only offer products from Kingston Unity Friendly Society. These products will enable you to:

  • protect yourself and your loved ones in the event of death
  • save and invest with the added benefit of protecting yourself and your loved ones in the event of death
  • provide benefit cover in the event of sickness

4. What will you have to pay us for our services?

Normally, if you buy a financial product direct from us, there will be no payments such as commission or fees payable. If there are any commission or fees payable, we will tell you how we get paid and the amount before we carry out any business for you.

5. Who regulates us?

Kingston Unity Friendly Society, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and .the Prudential Regulation Authority. Kingston Unity Friendly Society’s FCA Registered Number is 110056.

Kingston Unity Friendly Society permitted business is advising and arranging life assurance and pensions business.

You can check this on the FCA’s Register by visiting the FCA’s website www.fsa.gov.uk/register or by contacting the FCA on 0845 606 1234.

6. What to do if you have a complaint

If you wish to register a complaint, please contact us:
…in writing Write to Kingston Unity Friendly Society, Complaints Department, 9 Navigation Court, Calder Park, Wakefield, WF2 7BJ. …by phoneTelephone (01924) 240164

If you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service.

7. Are we covered by the Financial Services Compensation Scheme (FSCS)?

We are covered by the FSCS. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim.

Most types of insurance business are covered for 90% of the claim with no upper limit.

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