Mutual Windfalls back?

patientperson

planteria wrote: »

that is certainly the plan, pp. the costing basis has been agreed with Oddfellows for 10 years following the tranfer, or until Druids policy numbers (other than CTF accounts) are less than 1,000.

To continue in the manner you describe is interesting. I presume that MUFS will deduct regular charges from any transferred funds. Given that Druids are a small FS with not many staff I wonder what all this transfer is really about.

Will have to wait for the Druids/MUFS websites for enlightenment.

planteria

"The Committee of Management has looked at all the potentially viable options for the future of DSFS. They have concluded that the best interests of members are served by the transfer of DSFS to a larger Friendly Society that can deomstrate its ability to meet current and future regulatory requirements and continue to provide a competitive return to members."....from the Special General Meeting booklet that arrived today.

patientperson

Thanks planteria .. doubtless similar SGM document should arrive soon.

planteria

I would guess so pp.. I think we both have T52 (TESP) plans, so I assume it'll be with you tomorrow/soon.

Fwiw I dont think there is going to be anything other than a unanimous decision to transfer the business to The Oddfellows. And I don't think there is a good reason not to.

There will be no windfall for Druids.

Are you already an Oddfellow, pp? Anyone else here?

longleggedhair

I'm already with oddfellows because of a previous transfer. The thing I dislike about them is that you don't automatically become a member because of holding a policy as you do with druids (this entitled you to the optical and dental benefits etc) with oddfellows we are being given a free years membership and thereafter you have to pay an annual fee which I won't be doing.

planteria

Was this the case with the previous transfer llh? And who was that from?

I understand that there are 2 tiers of membership. And yes, the tier which includes all benefits will only be true for a year..

patientperson

planteria wrote: »

I would guess so pp.. I think we both have T52 (TESP) plans, so I assume it'll be with you tomorrow/soon.

Fwiw I dont think there is going to be anything other than a unanimous decision to transfer the business to The Oddfellows. And I don't think there is a good reason not to.

There will be no windfall for Druids.

Are you already an Oddfellow, pp? Anyone else here?

Thanks planteria .. doubtless documents will await me on my return from the land of tulips. Agreed regarding transfer of business. No windfall .. again .. but the list of FS is reducing very fast. Wonder what will happen to any funds still in the Druids pot after 10 years or policies still running < 1000?.

Been an 'oddfellow' since 2005. Seen a few of my other FS merged into MUFS and I still have an ex Nottingham FS bond invested.

patientperson

planteria wrote: »

Was this the case with the previous transfer llh? And who was that from?

I understand that there are 2 tiers of membership. And yes, the tier which includes all benefits will only be true for a year..

As a member of MUFS I did manage to get 1 year free membership when Schoolteachers FS transferred to them. I shall attempt the same when Druids are absorbed.

Norman_Castle

patientperson wrote: »

As a member of MUFS I did manage to get 1 year free membership when Schoolteachers FS transferred to them. I shall attempt the same when Druids are absorbed.

I read mutual winfall in the thread title then just the last post. The Druids are being absorbed?. MUFS?. Whats going on. :rotfl:

planteria

patientperson wrote: »

As a member of MUFS I did manage to get 1 year free membership when Schoolteachers FS transferred to them. I shall attempt the same when Druids are absorbed.

no attempt will be required pp. it will happen. it's part of the transfer.

and the ex-Druids fund will no doubt be absorbed into another fund, eventually. i'm not entirely sure why they even need to ring-fence it in the first place.. the portfolio could be combined, with no downside to MUO members, i wouldn't have thought.

and yes Norman, this is Friendly Society mergers, rather than Building Society mergers..which i am guessing are more familiar.