Tax-exempt friendly society plans

As the name suggests, the final proceeds on the maturity of Friendly Society tax-exempt plans can be taken tax-free. But because of the special tax treatment they enjoy, these schemes have strict limits on how much you can contribute. The maximum is £25 per month or £270 per year.

Unlike ISAs, for which you have to be 18 years old to invest, friendly society plans are available to children and adults alike. They also offer a number of investment options, starting from as little as £10 per month.

They are essentially savings plans but have the added benefit of a small amount of automatic life assurance protection and are designed to last a minimum of 10 years. However, early withdrawals may be subject to penalties and a potential tax bill. The premiums are normally placed in with-profits or unit-linked funds, which typically invest in a mixture of assets including shares, property and fixed interest securities.

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Child Saving Plans		Select
	Young Saver Plan-providing the money you need to help fund your child’s education. Save up to £75 per month in a balance of property, equities and cash. Your chosen child will receive a tax free cash lump sum in 10 years or at age 18, whichever is the later. The plan includes up to £300 a week sickness benefit from age 5. Ideal for grandparents wishing to save on behalf of their grandchildren, or for investors wanting to utilise all available tax breaks. Take out a plan and receive £20 M&S vouchers. Issued and approved by Shepherds Friendly Society
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