Tel: 01226 741000

2017 Charity Award – We have a winner!

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This year we’ve let you decide which charity receives the £5,000 2017 Charity Award!

Earlier this year we asked for nominations from our members and the general public, staff and Committee members then shortlisted down to the final 10 and they were put to the public vote. The final 10 were as follows: Be Child Cancer Aware, Cavendish Cancer Care, Foxhill Forum, Multiple Sclerosis Therapy Centre (South Yorkshire), Neuro Support Group (Rotherham), Rain Rescue, Sheffield Mencap & Gateway, Cavendish Cancer CareSurvivors of Depression in Transition, The Osbourne Trust and finally Yorkshire Air Ambulance.

Voting closed on the 31st July 2017. After a very close vote throughout, Cavendish Cancer Care stormed into the lead in the last few days eventually winning by 300 votes!

Tony Burdin – CEO, Sheffield Mutual said,

“This is the first time we’ve held a public vote and I’m delighted with the response. What matters most is that it produced a very worthwhile winner.”

Jonny Cole – Fundraiser, Cavendish Cancer Care said,

“All at Cavendish Cancer Care were delighted to receive the news we had come out top in the public vote for the Sheffield Mutual Charity Award. At Cavendish we believe in putting the person back at the centre of their care and support. Our clients tell us this means so much to them and makes a massive difference to their feeling of wellbeing and ability to cope with their cancer journey.  This is reflected in the level of support we have received in this vote, we saw so many people who care passionately about the charity sharing our posts on Facebook and Twitter asking their friends and family to vote for us. We are overwhelmed by the final result but most importantly the donation means we can offer almost 200 extra hours of therapeutic care and support.”

Cavendish Cancer Care is a Sheffield based charity who first opened its doors in 1991 to people across South Yorkshire and North Derbyshire, they recognise that cancer affects every aspect of a person’s life and that the impact of this life-changing diagnosis extends far beyond the patient. Cavendish care is available at all stages of the cancer journey from diagnosis, through remission and recurrence, to end of life care and bereavement.

They offer free-of-charge support in the form of counselling and complementary therapies to whole families including reiki, shiatsu, massage, aromatherapy massage, hypnotherapy, reflexology and art therapy, they see clients within 5 days of initial contact.

They have a specialist Children’s and Young Person’s Service (providing play therapy, counselling etc.) and Bereavement Services; they support the whole family, not only the cancer patient and help at a time where people need it most.

They provide a place where people can share feelings and thoughts without guilt or the fear of upsetting anyone, they help people feel more in control, more confident and more able to cope.

They need £600k per annum to provide their services which need to be generated, in the largest part, through fundraising activities.

They currently support around 1,500 families each year and in their 25th anniversary year saw their 20,000th client, but they know that there is so much more they could be doing if they had more funding. There are 65,000 people already living with and living on after cancer in our region, and in South Yorkshire alone another 8,900 will be diagnosed this year, which equates to one person every hour. Many thousands more will be affected by their diagnoses and they want every single one of them to know that they can count on their support. They are not an NHS charity and receive enough NHS funding to keep their doors open for only 3 weeks, relying on the generosity of local people to make sure they are here to support cancer patients and their families for future years to come.

Visit their website to find out more:- https://cavcare.org.uk/

 

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Staff run Tough Mudder for Charity

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Jamie Bellamy (top left), Curtis Parker (bottom right)

Jamie Bellamy (top left), Curtis Parker (bottom right)

On Saturday 29 July 2017, Jamie Bellamy (Finance Director, top left) and Curtis Parker (Client Relationship Officer, bottom right) took to the Yorkshire countryside with 9 others to complete the Tough Mudder event.

Tough Mudder is a hardcore endurance event in which participants attempt a 10-12 mile-long obstacle course that tests mental as well as physical strength.

The team have already raised over £2,500 on and offline for Teenage Cancer Trust, a cancer care and support charity in the UK that exists to improve the cancer experience of young people aged 13-24.

You can still sponsor Jamie and Curtis up to 31 August 2017 at www.justgiving.com/mudsweatbeersyorkshire

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The Importance of Saving For Your Child’s Future

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Savings planThere are so many things that parents have to worry about – their child’s first day at school or their first trip to the doctors. But in this day and age there are many other far more worrying problems that could potentially arise. We’re all aware that house prices have rocketed and education costs have risen. Even the cost of living has increased and will probably continue to do so.

These kinds of problems could potentially mean that parents will be left looking after their kids for longer and this can create a huge financial strain on mums and dads. This can be challenging and this is why it’s important to start saving sooner rather than later, so you can provide your child with the best chance to go it alone whilst allowing them to get the education that they deserve.

The key to saving for your child’s future is making sure that you have enough money to ensure that you can support them through their journey into an independent life. It will be great if you’re able to start saving as soon as your child is born but you’ll probably have to put away a fair amount each week to cover the costs of today’s university fees. This is a huge amount of money and may not be realistic to some people and especially to those who have a low income.

However much you decide to invest you will earn interest or a return on this and the amount will totally depend on which type of savings account or plan you decide to open for your child. With so many different choices it can be so confusing. Here at Sheffield Mutual we like to make life easy for you so here are some of the plans that you can open for your child.

Tax Exempt Savings Plan (TESP)

Our most popular plan is the Tax Exempt Savings Plan, you can start saving from as little as £5 per month and choose a term between 10 – 25 years so that the plan will mature at a time when you think they’re old enough and wise enough to manage the proceeds properly!  TESPs are popular with parents and grandparents to build up a lump sum for university costs, a new car, a special birthday or even a deposit for a house. This plan is a great way to save small regular amounts and helps to get you into the habit of saving without “dipping in”! This is an extra tax-free allowance in addition to ISA/JISA allowances, but not many people know that they even exist. Why not head over to our website to find out more:- www.sheffieldmutual.com/childrens-savings-tax-exempt-savings-plan

Investment Junior ISA (JISA)

JISAs could be an ideal way to build up tax free lump sums to give young people a great financial start in life.

The minimum investment amount is just £10 per month, or £100 in a single premium. Once opened by the parent/guardian, payments can be made by anyone including other family members and friends. Your child will be able to withdraw their money on their 18th birthday, or it will automatically roll over into an adult ISA.

This account is available to all children under the age of 18 who do not already have a Child Trust Fund, or if your child holds a CTF it can be transferred. JISAs are more flexible than the TESP as you can make “Top Up” payments at any time, so it is ideal for birthday/Christmas money (minimum of £50) 

Investment Bond

The Investment Bond is ideal if you have a single lump sum that you would like to invest for a child for a minimum of 5 years to allow them to receive a guaranteed minimum return plus bonuses (bonuses are not guaranteed). Your money is invested in a range of assets including equities (stocks & shares), property and fixed interest and cash with the aim of outperforming a bank or building society account.  You could start an Investment Bond today with a minimum amount of just £1,000 and they’ll receive a guaranteed return of at least 103% of your original investment after five years. Talk about a win : win situation! The bond is open-ended and can be left to run until the child needs the funds – as the proposer of the plan, you decide when they get the funds.

Capital Plan

If you have a lump sum of £2,500 you have the option to invest in our Capital Plan in conjunction with the Mansfield Building Society. When you invest in the Capital Plan this funds a Tax Exempt Savings Plan of £270 annually for 10 years, so in effect you have the guaranteed final amount and bonuses of the Tax Exempt Savings Plan combined with the interest earning of the Mansfield account. The MBS account pays a guaranteed minimum interest rate which funds the shortfall.

There are lots of things you can save for with a Sheffield Mutual plan, if you would like any more information please head over to our website – www.sheffieldmutual.com.

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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.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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Briton’s savings at record low, by Curtis Parker

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Web CurtisAccording to The Office for National Statistics (ONS), the proportion of UK residents’ disposable income that goes into savings has fallen to a record low.

During the first quarter, the ONS has reported that the savings ratio – which measures how much money individuals are putting away out of their household income – fell to 1.7%, down 3.3% from the previous three months.

Despite the savings ratio falling for the third consecutive quarter, the economy grew by 0.2% from January to March. However, this still shows signs of household budgets being squeezed as it fell by 0.5% from the final quarter of 2016 (0.7%).

Earlier this week, ‘Moneyfacts’ said that savers have faced a “never-ending battle” to get a decent return on their cash over the past few years with nine out of 10 easy access savings accounts paying interest of less than 1%, and a third of such accounts failed to even pay a rate matching the current Bank of England base rate of 0.25%.

Savings rates are failing to keep pace with the rising cost of living, with inflation at a rate of 2.9%.

Get Britain saving!

Here at Sheffield Mutual we like to make saving easy and accessible

Our most popular plan is the Tax Exempt Savings Plan – you can start saving from as little as £5 per month and choose a term between 10 – 25 years so that your plan matures at a time of your choice.

TESPs are also popular with parents and grandparents who are looking to build up a lump sum for a child to help out with university costs, a new car, a special birthday or even a deposit for a home.

This plan could be a great place to start and helps get you into the habit of saving regularly without the temptation of “dipping in” which is normally the case with an easy access savings account!

You can find out more here: www.sheffieldmutual.com/tax-exempt-savings-plan

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.ukAdvisers 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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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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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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