Tax Exempt Savings Plans [TESPs]

planteria

& i've answered several times....the answer is: read the information yourself and make your own mind up. you have. and others can too. i'm not selling TESPs (slyly or otherwise:T)

innovate

please read what I said. You sent me exactly zero PMs, not two. You attempted to send me PMs nine times because I received nine 'failed attempts' emails.

But this isn't the real issue here - you are just trying to play the sly salesman game again by keeping to avoid the real issue. Which is that you are promoting TESPs without being able, or willing, to articulate the benefits / advantages of a TESP over and beyond maxing an S&S ISA or a SIPP, and (once they are maxed) a non-wrapped self-selected investment account.

If you don't have an answer to this question, why not just stop posting about TESPs? If you keep posting about TESPs, I will keep asking the question.

innovate

planteria wrote: »

& i've answered several times....the answer is: read the information yourself and make your own mind up. you have. and others can too. i'm not selling TESPs (slyly or otherwise:T)

I cannot find anything about TESP advantages over and above S&S ISAs / SIPPs / unwrapped investments anywhere.

You started this thread, after your "TESP referral" thread on MSE got deleted. You are unable to articulate the benefits of TESPs in your own words. So why have you started this thread?

planteria

"& i've answered several times.." et al.

i sent 2 PMs. whether they have been delivered or not i'm not sure. why you believe/say i have sent 9 PMs to you, i'm not sure either. the idea that i might have been trying to talk you round and 'slyly sell' you a TESP is pure class:T

and why did i start the thread?

" Tax Exempt Savings Plans [TESPs] what do people here think of these plans.....?"........the way it starts is self-explanatory. i don't think you think a lot of them innovate.

innovate

planteria wrote: »

i don't think you think a lot of them innovate.

I think you might be right, there, planteria, since you have as yet not explained what the benefits of TESPs are over and beyond maxing an S&S ISA or a SIPP, and (once they are maxed) a non-wrapped self-selected investment account.

Nor have you acknowledged that there aren't any.

planteria

innovate wrote: »

I think you might be right, there, planteria....

shall we leave it there then:question:

jimjames

planteria wrote: »

and why did i start the thread?

" Tax Exempt Savings Plans [TESPs] what do people here think of these plans.....?"........the way it starts is self-explanatory. i don't think you think a lot of them innovate.

As someone selling these products one might expect that you had an opinion on their benefits. If you don't actually believe in them yourself how can you possibly suggest they are suitable for anyone else?

patientperson

jem16 wrote: »

I'm sure you will probably get further with patientperson who seems to have given up on MSE already having contributed only to this thread.

I have not given up on MSE at all. A simple case of misconception .. having returned home after many weeks away .. mountains of post .. problems to solve so as with most folk any BB takes a full back stage.

patientperson

planteria wrote: »

a little query here....my Kingston Unity FS TESP and my Sheffield Mutual TESP. it has been suggested that investors would be 'lucky' to get their money back, as the 'Sum Assured', upon which bonuses are applied (which, in theory might Not be applied) is lower than the value that would be paid in over the life of the policy.....but that does not seem to be the case. the Sum Assured was always higher than the value i will pay in over the 10 years (3% to be precise), and bonuses have been applied on top of those during my first year. my understanding is that the only risk of not receiving my own investment back, plus bonuses, is if the Friendly Societies themselves were to fold. is that correct?

Friendly Societies are members of FSCS so in an unlikely event of a FS folding then I expect you would receive compensation but of course not the full assured amount as the term of years may not have run its' course. I am not an IFA so they will know this better than I do.

With regard to the sums assured .. not all Friendly Societies are equal and some may give an assured amount which is less than the premiums paid. Expectation of growth and bonus payments may solve the shortfall.

The sums assured given by the 2 FS .. Seffield Mutual and KUFS are much better and and at present will return a gain for myself. Same old caution .. one never knows for the future.

In general terms the products can vary within the same FS as they can introduce a new TESP using different Tables.

patientperson

planteria wrote: »

also, the concept of earning bonuses, however small in value/percentage terms, on money that you haven't yet invested....presumably that is what you get for committing to invest consistently for the period of the plan. is that correct?

I would agree to that assumption.

Sheffield Mutual website:
Bonuses are normally added to policies each year (depending on actuarial advice) based on the sum assured or capital balance. These bonuses, which are not guaranteed, are a percentage of the sum assured figure, and vary dependent on the policy type.

KUFS website:
Each year a bonus rate is declared, depending on the performance of the With Profits Fund. Any bonus declared is added to the plan. There may also be a terminal bonus at maturity. Bonuses added to the plan are guaranteed to be paid as long as the plan runs to maturity and all premiums have been paid.
It is important to remember that bonus rates are not guaranteed and past performance cannot be used as a guide to future performance.

Note: as long as the plan runs to maturity.