Friendly societies

**Upsy_Daisy**

Can anyone advise?
Some years ago I used to have 10 year savings plans with RNPFN - saving around £10 - 15 per month (hardly noticeable)
These were great because I just used to pay in a minimal amount and after 10 years got about double my money back - and I couldn't withdraw.
I had several running and eventually every other year I had one maturing giving me a couple of grand for a holiday
RNPFN (Royal National Pension Fund for Nurses) has now been taken over by Liverpool Victoria and no longer has this type of account. All my savings accounts have now matured
I would like to start 10 year savings plans for my children (and myself TBH) so that in 10 years time we can each have a coule of grand to look forward to.
I only really want to save 15 - 20 monthly each so a proper financial adviser won't really be interested in us.
I also invested the twins CTF with a company recommended by an IFA and the £250 invested is now worth £130:eek:

Can anyone recommend a friendly society.
I got info this week (in my gardeners world mag!) from National Friendly, I also remember one called "Foresters Friendly" as I used to drive past their office in NW London.

In summary - I haven't got a lot to invest but I have a long term - what would you recommend?
I would also appreicate a scheme with a death benefit as I'm starting to feel my own (lack of) mortality. (I'm 45) and I know these companies do tend to pay out quickly so I know my body won't be hanging around in a fridge for a few weeks waiting for my employer to stump up the life insurance.
My job comes with mega life insurance (7 years salary) so I don't need a policy.

dunstonh

Can anyone advise?

For clarification, no advice is given on regulated financial products on this board. Its discussion only.

These were great because I just used to pay in a minimal amount and after 10 years got about double my money back

The concept is good (putting money away for 10 years) but the product is obsolete.

I also invested the twins CTF with a company recommended by an IFA and the £250 invested is now worth £130:eek:

That has nothing to do with the IFA. Thats just timing. Chances are those CTFs are now higher than that figure as well now. That is what investments can do. Most Friendly society plans taken out 10 years ago are paying out less than they paid in. Thats what happens when you get a bad period.

Can anyone recommend a friendly society.

Only an IFA but you wont find many that will.

I got info this week (in my gardeners world mag!) from National Friendly, I also remember one called "Foresters Friendly" as I used to drive past their office in NW London.

Most Friendly Society plans are marketed direct to public as they are so bad an IFA wont recommend them.

In summary - I haven't got a lot to invest but I have a long term - what would you recommend

Not recommend as that isnt possible. However, you could include regular contribution unit trusts or investment trusts (inside or outside of ISA) in your research.

I would also appreicate a scheme with a death benefit as I'm starting to feel my own (lack of) mortality. (I'm 45) and I know these companies do tend to pay out quickly so I know my body won't be hanging around in a fridge for a few weeks waiting for my employer to stump up the life insurance.

Why factor in life assurance into the savings? Why not take a standalone life assurance policy that will be far better value for money and give a decent sum assurance and not £1000 or similar based on £20pm. Basically, you are asking for an endowment policy and you dont really want one of those do you.

My job comes with mega life insurance (7 years salary) so I don't need a policy.

Thats unusual. HMRC rules limits death in service to four times salary. It can be exceeded under personal arrangements(or group arrangements) but not through an occupational pension. However, assuming it is 7x and you say you dont need a policy why do you want to include it in your savings?

caveat_emptor

dunstonh wrote: »

That has nothing to do with the IFA. Thats just timing. Chances are those CTFs are now higher than that figure as well now. That is what investments can do. Most Friendly society plans taken out 10 years ago are paying out less than they paid in. Thats what happens when you get a bad period.

Just the reply I would have expected from an IFA. Bravo!

CLAPTON

dunstonh is a little verbose here but you can't fault the logic

these products are basically rubbish

just put the money in a savings account