Tax Exempt Savings Plans [TESPs]

planteria

good post masonic.

masonic wrote: »

From what I've seen, you're capable of making positive contributions elsewhere.

thank you. i'm no expert, but i'm an enthusiastic amateur and i've been around long enough to know that that is the case.

you are right that only i know what goes on outside of the public forum, but i have no reason to lie. i'm also very aware of what doesn't go on outside of the public forum, and that includes me sending repeated 'sly sales' messages to innovate:laugh:.all of us either are/should be capable of discussing anything without resorting to lies.

anyway, i continue to invest in TESPs. by their very nature, they are very small investments. the Regular Savings Plans are a 'bigger' subject on account of the larger amounts that can be invested. i will look into a couple of those further, and will add my findings/thoughts to the thread re. RSPs.

planteria

anyone here have a TESP with Druids Sheffield, that is looking set to move to Oddfellows?

patientperson

planteria wrote: »

anyone here have a TESP with Druids Sheffield, that is looking set to move to Oddfellows?

Indeed I have.

Very interested to see the full explanation of this proposed transfer when it becomes available.

planteria

i just mentioned in the 'Mutual Windfalls?' thread, a Special General Meeting booklet arrived in today's post. only delegates get to vote though.

MCGONIS

MCGONIS wrote: »

Hello.

I have not read through all the posts of this thread, its the title that caught my eye.

I have had one for these policies. Below is a copy of what I posted on another thread in April 2011 which was about a Friendly Society plan....

"Hello. I took out one of these 10 year plans with the UK Civil Service Friendly Society, which merged with Homeowners Friendly which became Engage Mutual. I have been paying £20 a month for 8 years. In this time I have accrued £102.02 in bonus. The previous two years there has been no bonus declared. It has two more years to go. By the time it matures I will have paid £2400. So in these two years I would need to get about £300 in bonus just to break even. I doubt that I will. Even with the terminal bonus that may be added.

I would have been better putting £20 a month in a bank savings account. Least then I would get back what I had paid in! I don't see the point in these savings plans. Steer clear is my advice. Hope that helps someone considering them in the future. "

Now I can tell you that last year I received a cheque for £2512.

I was glad I did gain some money - but £112 over the ten years is pretty different to the examples they still give in their advertisements.

I would NEVER open another one of these and cannot see why they still are on the market.

Not sure if that helps someone. Bye for now.

Just thought I would re-post this from 2013. Why are these organisations still in business?

ratechaser

MCGONIS wrote: »

Just thought I would re-post this from 2013. Why are these organisations still in business?

Well there were some gems to be had in the dim distant past... I have a 25 year plan with the Foresters due to mature in 2017 that pays a 'guaranteed' 12% p.a. :eek:

I guess that's the sort of legacy that some FSs are having to deal with, hence the current low returns offered. Just don't go bust for a few more years please!!

planteria

yes, it's all about the individual societies. i have no experience of Civil Service, Homeowners or Engage, but i am happy to be a member of some Friendly Societies:)

jimjames

MCGONIS wrote: »

Just thought I would re-post this from 2013. Why are these organisations still in business?

Good question. Despite repeated requests we've not had any definitive answers of who these kind of obsolete plans would actually be suitable for.

Anyone with under £15k can get better options inside an ISA.
Anyone with over £15k can do better with unwrapped investments.
Basic rate taxpayers pay no additional tax so the tax free status is irrelevant
Higher rate taxpayers are unlikely to be bothered with £25pm if they can already fill an ISA with £15,000.

Who does that leave?

planteria

and the campaign gets going again:laugh:

personally, in any of those categories, i would still like the concept of earning a return on money i am yet to invest:T

planteria

ratechaser wrote: »

...I have a 25 year plan with the Foresters due to mature in 2017 that pays a 'guaranteed' 12% p.a. :eek:

that was good going.. and i know there are people here who are with Foresters, but i had a look at them and chose to invest elsewhere. i'm not sure whether previous guarantees have held the fund back..but either way, i think there are better options.