Our Tax Exempt Savings Plan allows you to save up to £25 per month to build up a tax-free lump sum for the future.
There are two reasons why our Tax Exempt Savings Plan (TESP) 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 plan; one with life cover and one without. Simply select your choice of plan when you apply. You can even set up the plan so that it is paid out on a special birthday, anniversary or another important life event. Alternatively, you could use the lump sum for a special holiday, home improvements, or just for a rainy day!
- Affordable premiums from £15 to £25 per month or £180 to £270 per year – premiums fixed at onset.
- Special Friendly Society tax exempt savings allowance.
- Guaranteed lump sum at maturity.
- Potential annual bonuses could increase the value of your plan further.
- Choose when to receive your lump sum – the maturity date is fixed at onset and the plan must run for at least 10 years.
- Option of life cover available.
- Invests in our With Profits Fund.
- Available up to age 75 at entry, or 65 if life cover is chosen.
It is important to remember that if you do not pay all the premiums due or if you surrender early, you will receive an amended “surrender value” and this would generally be less than you had paid in.
In certain circumstances the guaranteed sum on maturity may be less than you have paid in.
The addition of any bonus is not guaranteed and depends upon the performance of the underlying With Profits fund, our expenses and other factors. Past performance is not a guarantee of future performance and rates may be higher or lower than in previous years.
Please ensure that you read the full Key Features document contained with the application before applying for your TESP. You should also read the Key Features below and the Frequently Asked Questions. 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 advisor who may charge for this.
Tax treatment is based on our current understanding of rules which may change in future and will depend on individual circumstances.
For any further details on any of our products please get in touch:
Where are my premiums invested?
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
Tax Exempt Savings Plan Product Guide
Download our Tax Exempt Savings Plan product guideDownload
A Guide To Our With Profits Fund
Our Customer Friendly Principles and Practices of Financial Management which explains how we manage our With Profits fund.Download
TESP Key Information Document
Key information about our Tex Exempt Savings PlanDownload here
TESP with Life Key Information Document
Key information about our Tex Exempt Savings Plan with life coverDownload here