Tel: 01226 741000

Sheffield Mutual’s babies look to have a bright financial future…

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It has been a busy 12 months for Sheffield Mutual and it’s staff and not just in the office! we are pleased to announce two new ‘Sheffield Mutual’ babies born within days of each other. Our Finance Director Jamie Bellamy and his wife Emma and Member Services Administrator Rosie Wells and her husband Josh have started a new generation of savers.

Jamie gives us an insight into his journey into parenthood and why hes starting to save early.

Jamie Emma and Oscar

Oscar2As with most parents, as soon as we realised we were having a baby we had to try and plan ahead – the clothes that only last a few months, stock up on healthy baby food (but was never eaten) and the cupboards full of nappies.  One thing that was essential to us was to pay into a savings account for Oscar to help him out when he’s older.  My wife and I pay into a Tax Exempt Savings Plan each month and grandparents pay monthly into a Junior ISA.  The TESP allows us to save £25 each month and the Junior ISA offers the flexibility to invest larger amounts, both with no tax implications.  Hopefully when Oscar’s fund matures he’ll decide to treat his parents!

 

Rosie tells us about how she is preparing for her little girl’s financial future.Rosie and familyMe and my husband had been talking about opening a savings plan for Rosabella before she was even born. We probably wouldn’t have done it if we weren’t familiar with savings plans for children and it helps that I work for Sheffield Mutual to encourage us to open one. We just wanted to be able to build a lump sum up for her over time sRosabellao that when she reaches 18 she will have something to help with either university or driving lessons etc. The Junior ISA (JISA) was perfect for us, as you don’t have to subscribe every month if you don’t want to. If she gets money for birthdays or Christmas we can simply top her JISA up over time. Even if we wanted to set a direct debit up we can, we like it because its flexible and if our financial circumstances change we won’t need to worry.

It’s never to early to start saving and putting the building blocks in place for their future.

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This blog provides generic information and opinions of the writer and should not be relied upon for making investment decisions. No advice has been provided by Sheffield Mutual. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should consider contacting 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 or www.vouchedfor.co.uk.Advisers may charge for providing such advice and should confirm any costs beforehand. Any reference to taxation is based on the writer’s understanding of current tax legislation and practice, which could change in the future.

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Focus on the Regular Savings Plan

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REG imageMost of our clients who want to save regularly tend to opt for the Tax Exempt Savings Plan (TESP) as their first port of call, to maximise their tax-free allowances. However, you can only save £25 per month / £270 per year in a TESP so anyone who wishes to save over this amount should then consider our complimentary Regular Savings Plan.

The Regular Savings Plan (RSP) can be set up on its own or to run alongside the TESP. You can start saving from as little as £5 per month or £50 annually and it works very similarly to the Tax-Exempt Savings Plan, apart from the fact that the Society has to pay tax at the basic rate on the Regular Savings Plan. To reflect this, the bonuses are set slightly lower than with the TESP.

The RSP has a guaranteed final amount for more than you will pay in, so for example:- If you open a plan of £50 per month over 15 years you will pay in £9,000. This plan guarantees you a minimum return of at least £9,805 on maturity… here is where it gets interesting…

We aim to add bonuses each year based on your guaranteed final amount – not on what you have paid in. If you had invested your monies in a normal bank account you would be merely earning interest on the amount you have paid in to date. Bonuses are calculated based on the performance of our with-profits fund and whilst these are not guaranteed, the Society has declared bonuses for every year these plans have been available. The current rate for our new issue RSP is 1%, so based on the above you could receive over £98 in the first year as a bonus, yet you will only have paid in £600.

Some clients like to open a new policy each year, that way, once their first policy comes to maturity, they can expect a maturity payout each year in the future.

Anyone can have a RSP – indeed we have clients of all ages with this type of plan, mums, dads, grandparents and children, in fact this is a very popular plan for grandparents who often open the plans for their grandchildren and great-grandchildren in some cases!

The Regular Savings plan is a long term policy and if you cash in the policy early, you may get back less than you have paid in.

You can find further information HERE, or you can contact us and we’ll post the information out. All our staff are fully trained and if your query is in office hours our friendly staff will be happy to help either via our on-line chat facility or over the phone on 01226 741000. We cannot give financial advice, if you require advice you should contact a Financial Adviser, which may incur a fee.

This blog provides generic information and opinions of the writer and should not be relied upon for making investment decisions. No advice has been provided by Sheffield Mutual. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should consider contacting 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 or www.vouchedfor.co.uk. Advisers may charge for providing such advice and should confirm any costs beforehand. *Any reference to taxation is based on the writer’s understanding of current tax legislation and practice, which could change in the future.

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Focus on Friendly Society Tax Exempt Savings Plans

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Tax Exempt Savings Plans (TESPs) are only available through friendly societies and are an additional tax-free allowance in addition to any ISA or Junior ISA allowances.

Anyone of any age can have a TESP, and if you are aged between 11-55 next birthday, a life cover option is available. Plans start from as little as £5 per month or £50 annually up to a maximum of £25 per month or £270 annually (if you would like to invest more than this please consider our complimentary Regular Savings Plan).

When you have decided how much you’d like to save and for how long (between 10-25 years) the Society gives you a guaranteed final amount (Sum Assured) for more than you will pay in, we then aim to add bonuses to this amount (not the amount invested) and once bonuses are added they cannot be taken away. This amount is only guaranteed on maturity and as the policy is designed to be a medium to long term investment you may get back less than you have paid in if you have to cash in the policy early.

For example:- if you were to take out a standard TESP for £25 per month over 15 years, you’ll pay in £4,500 over the term, from day one we will guarantee you a minimum final amount of £4,902 – this is the figure we calculate the bonuses on and add them to. Our current bonus rate for the TESP is 1.2% so for the first year you could earn a bonus* of over £58. If you were paying into a normal bank account you would only be earning interest on the amount invested at the time, i.e. you would save £300 in year one and earn interest at the rate applicable on a daily basis.

If you opt for the TESP with life-cover you’ll receive the sum assured plus any attaching bonuses on death, whereas the standard policy will pay out premiums paid plus interest up to date of death. Quotes are available from our main website. The sum assured for the with-life policy will depend on the amount, term and age at the start of the plan and a short medical questionnaire is required.

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Want to know more?

Why not give us a call on 01226 741000 (Mon-Fri 9am – 5pm) or you can find more information on our main website, we also have an on-line chat service or you can email us, enquiries@sheffieldmutual.com.

We can’t offer financial advice or make any recommendations but all our staff are fully trained on all out products and would be happy to tell you more about the Society and answer any questions you may have.

*Bonuses are not guaranteed and depend upon the performance of the with-profits fund.

This blog provides generic information and opinions of the writer and should not be relied upon for making investment decisions. No advice has been provided by Sheffield Mutual. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should consider contacting 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 or www.vouched for.co.uk. Advisers may charge for providing such advice and should confirm any costs beforehand. Any reference to taxation is based on the writer’s understanding of current tax legislation and practice, which could change in the future.

 

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Focus on… Saving and Investing for Children

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childrens

 

 

 

 

 

Have you started to make provisions for your children’s / grandchildren’s future?

Sheffield Mutual offers a range of products for children, whether you want to invest a lump sum from just £100, a regular monthly premium from just £5 per month or a lump sum investment of up to £50,000, there is something for everyone!

Children’s savings plans at a glance:-

(Please read the full product Key Features information before proceeding to apply)

Investment Junior ISA

The simple way to give your child a solid financial start in life, with tax-free* returns.

  • Available to all children under 18 who do not have a Child Trust Fund (CTF)
  • OR, if your child holds a CTF or Junior ISA elsewhere, it can be transferred to us
  • Save from as little as £10 per month / £100 single premium up to £4,128 in the 2017/18 tax year
  • Policy must be opened by the child’s parent or guardian
  • Top-ups can be made by anyone at any time
  • Potential of tax-free* investment growth through bonuses
  • The 2017/18 Interim Bonus rate before charges of 1.5% is 4.5% (bonuses are not guaranteed)
  • The JISA value could be reduced if withdrawn during adverse market conditions, but money invested for 5 years or longer is guaranteed

Tax Exempt Savings Plan 

The Tax Exempt Savings Plan could be the perfect way to save for your children’s university fees or build up a house deposit.

  • Only available from friendly societies and in addition to your ISA/JISA allowance
  • Save from £5 to £25 per month or between £50 and £270 per annum tax-free*
  • Decide how long to save for, between 10 and 25 years
  • Receive a guaranteed tax-free* final amount on maturity plus possible bonuses
  • Available to adults and children from birth (parents and grandparents can run the plan)
  • Please be aware that a surrender penalty will apply if cashed in before maturity

Investment Bond 

Grow a child’s nest egg with this medium to long-term lump sum investment, which has a guaranteed minimum return of at least 103% of your original investment after five years, plus possible bonuses depending on the performance of the with-profits fund.

  • Invest a lump sum between £1,000 – £50,000
  • Money is invested in our balanced with-profits fund
  • Open-ended term, but is designed to be for at least five years
  • A surrender penalty will apply if cashed in within the first five years
  • Subject to the guaranteed return after 5 years, the policy could be reduced if withdrawn during adverse investment conditions.

Regular Savings Plan

The Regular Savings Plan could be the perfect way to save for children, with the potential to earn a better return than a cash savings account in the longer term.

  • Consider for regular savings over and above the tax-exempt savings plan allowance
  • Save from £5 per month or £50 per annum
  • Choose how long you want to save for between 10 & 25 years
  • Receive a guaranteed final amount on maturity plus possible bonuses
  • Final return should be free from further tax for basic rate tax payers*
  • Available to adults and children from birth (parents and grandparents can run the plan)
  • Please be aware that a surrender penalty will apply if cashed in before maturity

There are so many different options available for children’s savings nowadays, it can be difficult to decide which one is best. To help you, Sheffield Mutual has created a “Product Selector Tool”, it’s really quick and easy to use but if you’d prefer a quick informal chat call our trained staff on 01226 741000* Mon-Fri 9am–5pm or use the online chat service on our website.

*Calls may be monitored and recorded for your protection.

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This blog provides generic information and opinions of the writer and should not be relied upon for making investment decisions. No advice has been provided by Sheffield Mutual. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should consider contacting 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 or www.vouchedfor.co.uk. Advisers may charge for providing such advice and should confirm any costs beforehand. *Any reference to taxation is based on the writer’s understanding of current tax legislation and practice, which could change in the future.

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Results of the 2017 Annual General Meeting

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35 members entitled to vote attended the Society’s Annual General Meeting on Saturday 10 June 2017 at 11.00am.

All resolutions were passed on a show of hands in accordance with the Society’s rules.

For information, the following proxy votes were received from members prior to the meeting:

 

Ordinary Resolutions

               Result of the proxy vote Result of the AGM Vote
Votes For/Chair Votes Against Abstentions
1. To receive 2016 Committee Report 180/268 1 10 Passed with no votes against.
2. To receive 2016 Remuneration Report(Advisory) 166/269 13 11 Passed with no votes against.
3.To receive 2016 Report & Accounts and Auditors’ Report 177/267 4 11 Passed with no votes against.
4.To re-appoint the Auditors 174/266 8 11 Passed with no votes against.
5.Re-election of Stephen Birch 171/269 11 8 Passed with no votes against.
6. Election of Neil Spawforth as Trustee 176/269 6 8 Passed with no votes against.
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Notice of Annual General Meeting June 2017

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Building SignThe Society’s AGM will be held at 11am on Saturday 10th June 2017 at 3, Maple Park, Maple Court, Wentworth Business Park, Tankersley, Barnsley, S75 3DP. All eligible members have been sent a Notice of AGM and Summary Financial Statement, together with a postal voting form and pre-paid envelope. If you haven’t received your Notice of AGM pack please contact us on 01226 741000 or email enquiries@sheffieldmutual.com and we will send out a duplicate copy.

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Focus on the Investment Junior ISA (JISA)

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Following the demise of the Child Trust Fund (CTF) the government introduced Junior ISAs as a replacement to encourage parents to start saving for their children’s future. One major difference between the two is that there are no government contributions for the JISA, so it’s down to friends and family to contribute. They do however, have the same subscription limits and with both accounts the child gets their hands on the money at age 18.

There are 2 types of Junior ISA, cash or stocks and shares. The current limit for this tax-free investment is £4,128 (for the tax year 2017/18).

Things to bear in mind when choosing a JISA:-

  • A JISA must be opened by the child’s parent or guardian however, once opened anyone can contribute.
  • A child can have one cash JISA and one stocks & shares JISA at the same time
  • The maximum allowance is set by the government.
  • This is the child’s policy and they can control the policy from age 16 and will have access to the funds at age 18.
  • If the child doesn’t take the funds at 18 then the policy will “roll-over” into an Adult ISA
  • With most providers this tends to be a more flexible policy, whereby premiums can be adjusted and top up payments can be made e.g. Birthday or Christmas monies could be invested
  • Start from as little as £10 per month or £100 single (other providers may differ)

There are of course many variants of cash and stocks & shares JISAs and many different product providers to choose from. Stocks and shares JISAs should not be ruled out as there are some good performers out there. Sheffield Mutual’s Junior ISA is a stocks and shares JISA which aims to offer a low to medium risk investment. Our JISA is a part of a with-profits fund and not directly exposed to the stock market, monies invested before the child’s 13th birthday are guaranteed on maturity – the point here is… make sure you do your homework –

  • Check how “risky” your investment could be
  • Check past performance
  • Are there any member benefits?
  • Are there any guarantees?
  • Also check out the provider’s website and look for testimonials or reviews from their existing clients to see how they have found the service.

Child Trust Funds (CTFs) can now be transferred into JISAs which gives parents much more choice as to where to keep their child’s money and how much risk they are willing to take. This is especially worth noting, as the government has now removed the requirement for ‘Lifestyling’ on the CTFs. ‘Lifestyling’ was initially due to come into force at the child’s 13th (then 15th) birthday, this involved moving the monies into a lower risk investment type to protect the funds as the child was nearing the policy maturity date at age 18. Providers don’t now have to offer this facility so the level of risk remains the same throughout the policy life. Parents do however have the option to move to a cash CTF or transfer to a cash JISA which carry no risk but potentially very poor returns in comparison to other products.

If you have any questions one of our trained staff will be happy to help, you can visit our main website for online chat or call us on 01226 74100 during office hours (Mon-Fri 9am – 5pm) or, if you are local, you are welcome to book an appointment here at our offices in Tankersley, Barnsley.

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This blog provides generic information and opinions of the writer and should not be relied upon for making investment decisions. No advice has been provided by Sheffield Mutual. If you are in any doubt as to whether a savings or investment plan is suitable for you, you should consider contacting 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 or www.vouchedfor.co.uk. Advisers may charge for providing such advice and should confirm any costs beforehand. Any reference to taxation is based on the writer’s understanding of current tax legislation and practice, which could change in the future.

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Charity Award – Neuro Support Group

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NSGThe Neuro Support Group was formed back in the late 1990s at the Badsleymoor Lane Rehabilitation Centre in Rotherham where a group of people met every week for rehabilitation after suffering the trauma of a stroke, brain tumour, M.S. and other neurological disorders all life changing experiences. They formed their own support group meeting once a month to socialise and regain self esteem, confidence and the ability to get their lives back on track in an able bodied world albeit very difficult at times.  The Group progressed to 60 – 70 members arranging a monthly outing to the Theatre, Harrogate Flower Show, Craft Fairs and Beverley Races providing a coach with a lift to enable wheelchair members on and off the coach. An annual holiday is organised with all accommodation arranged to suit the individual needs. All outings are subsidised, both entrance fees and transport and most trips we call for a meal which is booked, so carers can just relax no stressing looking for a table, wondering if there are disabled toilet as all of these are checked out beforehand.

We raise funds by holding a tombola stall at various venues, produce our own calendar every year, a bonus ball every week, raffles, bingo, coffee mornings and also apply for funding.  We are a registered charity no: 1109140 and a self funded voluntary run Group with a committee of six members two of which are original committee members, we are affiliated to the Stroke Association too and are in our 22nd year. Our aims are to give support and advice where possible, provide a friendly ear to listen too help build confidence to rebuild their lives. The Committee have years of experience as it is run by carers and victims.

Vote now

 

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Charity Award – Survivors of depression in transition

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SoditWe are a small Survivor & user led women’s organisation based in Sheffield who have been running for over 20 years. We support women who experience mental health distress by the use of peer support, one to one talking therapy, campaigning,  mental health awareness training and telephone support as well as other activities.

We are 100% run by volunteers and have been awarded regional and national awards for our work locally in Sheffield, for both conferences we have held and our community engagement. We tend to fill the gaps in health services and for those people who fall through them as we do not have complex referrals and women have the flexibility to do as much as they need and can drop in and out. We work in a very holistic, family centred way with the core values that underpin our work.

Having survivor based volunteers means they have the human connection of what it feels like to have gone through all the ups and downs of health conditions both with mind and body.  Creating those  connections gives people hope for the future. We are about the moving on with life, hence the transition , but also giving flexibility and the reassurance we won’t just let people go because they have had 12 weeks of support, such as in the NHS.

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or Find out more>>

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Charity Award – South Yorkshire MS Therapy Centre

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MSAs people are becoming more proactive in seeking additional ways in taking positive steps towards their personal good health, interest in our specialised Oxygen Therapy is increasing. Oxygen therapy is easy to use, you sit in a specially constructed, pressure controlled chamber (ours seats six) wear an oxygen mask, sit back and breathe – medical oxygen.  But the benefits are far reaching; people who use O2T say it helps alleviate a many symptoms of chronic illness. It is also recognised as being a   positive aid to healing and repairing nerve and tissue damage, encouraging the growth of new blood vessels, improving blood supply and increase the ability of the body’s defence mechanisms to fight infection and kill bacteria.

We are proud to say we also offer physiotherapy, osteopathy, acupuncture, massages, aromatherapy, a foot health practitioner and counsellor.  We have an exercise room with a good range of anti-spasm equipment and very importantly, a very active, social drop-in area where refreshments, friendly banter and wise words are always available and everyone is welcome.

For 2017 we need to raise £149,712,  our therapies basic costs are £61,980.  Any support given to us is very much appreciated and really does count.

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or Find out more>>

 

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