Tax Exempt Savings Plan

Putting away a regular amount each month could build up a tax-free lump sum for the future with our Tax Exempt Savings Plan.

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!

Key features

  • 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.

FAQs

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.