What does the Regular Savings Plan offer?
The Regular Savings Plan is a 10 year plan that allows you to cleverly combine tax-free and tax-paid saving with monthly premiums starting from as little as £15 per month. The table below provides a detailled summary of the plan. For more information on Regular Savings Plan please visit the in detail tab.
| i Your Regular Savings Plan |
i Things you should consider |
- Start a regular savings habit using your tax-free savings allowance, investing £15 to £25 a month for 10 years.
- Invest more and Scottish Friendly will deduct tax on your behalf. All investments will pay out free of any taxes after 10 years.
- You get a guaranteed minimum cash sum after 10 years.
- Your guaranteed minimum cash sum can grow through the addition of regular bonuses.
- Your guaranteed minimum cash sum may be increased by a final bonus which is related to the investment performance of the Scottish Friendly With-Profits Fund.
- No profits are paid to city shareholders meaning they can be reinvested for the benefit of Scottish Friendly customers.
- A small amount of life cover is automatically included.
- To apply you need to be a UK resident aged between 16 and 55.
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- Tax-free means the fund your plan invests in grows free of income and capital gains tax (other than tax on dividends from UK shares). Tax law may change in future.
- If you cash in your plan early, you may not get back as much as you have paid in. If you cash in within the first 2 years, you will get nothing back.
- The amount of your guaranteed minimum cash sum depends on your age and how much you pay in. It will initially be less than your total investment over 10 years.
- Future bonus levels depend on investment returns and expenses and how Scottish Friendly decides to distribute profits to customers. As such, they cannot be guaranteed.
- The cost of life cover is included as a small part of the plan’s charges. The cost of life cover is higher for older ages.
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Find out more
No advice has been provided by Scottish Friendly in relation to this plan. If you are in any doubt as to whether this plan is suitable for you, you should contact a financial adviser for advice. If you do not have a financial adviser, you can get details of local financial advisers by visiting www.unbiased.co.uk. Advisers may charge for providing such advice and should confirm any cost beforehand.
