Regular Savings Plans

patientperson

planteria wrote: »

great post pp, i appreciate the info.

Thanks for that planteria.

In this new era of a possible £15,000 pa in an Isa I am not sure about the future of these Friendly Society RSP or indeed the TESTP's. Those who have in excess of £15,000 pa to invest are not the most likely candidates for TESPs. However, for normal folk I feel that TESPs are still attractive and at least some savers with less means can start these plans at a very modest amount. As always they must look to the long term projection of their intended savings plans and not just at the free clock or £ vouchers on offer.

It may be interesting to see whether any Friendly Societies can up their game in response.

planteria

the ISA allowance and the increased flexibility of pensions are good for all of us investors.
the Regular Savings Plans' feature of adding bonuses to the sum assured, thereby giving investors a return on money not yet invested, are very different though...along with TESPs.

do the Foresters Friendly and Forester Life plans that you have calculate the bonuses based upon the sum assured, rather than the investment to date?

patientperson

planteria wrote: »

the ISA allowance and the increased flexibility of pensions are good for all of us investors.
the Regular Savings Plans' feature of adding bonuses to the sum assured, thereby giving investors a return on money not yet invested, are very different though...along with TESPs.

Agreed. Not to everyones' taste but with a small monthly outlay it could be interesting to many but do they read MSE posts I wonder.

planteria wrote: »

do the Foresters Friendly and Forester Life plans that you have calculate the bonuses based upon the sum assured, rather than the investment to date?

I have to clarify the Forester Life plan. Forester Life is not a Friendly Society but is nevertheless a mutual. In my case the business of CWFS was transferred to Forester Life. The plan still retains an insurance element as per the original CWFS plan.

Foresters FS .. difficult to be sure until I can check my original documentation.

geelamch

Just a quick question , how do you find out if there was an annual bonus etc on tesp's . I have a few of these and have never received any info.

planteria

i have had statements from Kingston Unity, Healthy Investment and Sheffield Mutual through the post, geelamch.

perhaps tell us who yours are with here: https://forums.moneysavingexpert.com/discussion/4671765

planteria

patientperson wrote: »

I have to clarify the Forester Life plan. Forester Life is not a Friendly Society but is nevertheless a mutual. In my case the business of CWFS was transferred to Forester Life. The plan still retains an insurance element as per the original CWFS plan.

yes, i looked them up last week. i didn't realise they weren't a Friendly Society. they are The Independent Order of Forester, a fraternal benefit society....a new one on me.

patientperson

planteria wrote: »

yes, i looked them up last week. i didn't realise they weren't a Friendly Society. they are The Independent Order of Forester, a fraternal benefit society....a new one on me.

Yes indeed .. founded in 1875

http://www.foresters.com/UK-EN/About/Pages/our-history.aspx

patientperson

For any interested member the following link is the home page for the Association Financial Mutuals.

http://www.ownedbyyou.org/index.php?option=com_content&view=article&id=2

Mutuals here: http://www.ownedbyyou.org/members

geelamch

I have a few with RAILWAY ENGINEMEN’S ASSURANCE SOCIETY LTD

planteria

you have TESPs with them geelamch, or RSPs? are you a railway engineman?