Rules and Tables

We are a mutual life insurer – owned by our members. As a friendly society, we are able to offer long term tax exempt savings plans, as well as all the products you would normally associate with life insurance companies.

Memorandum

Our Memorandum is the founding legal document of the Society and sets out the legal basis under which we exist and operate.

Rules

Our Rules state who can be a member of the society, and how we are governed. Under Rule 1(f) the Board has extended eligibility to police services outside the London area.

Tables

Benefits and other terms and conditions of our investment and savings products are described in “Tables” which are appended to our Rules. The Tables for our products which are currently available to members show the benefits for those who save regularly or invest a lump sum – all of these products are with profits and are eligible for both an annual bonus and a possible final bonus on encashment.

For protection and guaranteed products we issue policies – these do not participate in profits, but we do review the premium rates for Income Protection from time to time to reflect the cost of claims. You can view the policies on the relevant product pages on this website.

Retired Products

We also publish a list of tables for products no longer available, where we still have contracts in force under those tables. This includes:

  • The With-Profits Five Year Savings Plan (issued up until December 2013)
  • Mortgage protection and term assurance – now written as policies
  • Endowments maturing between age 60 & 65 – we still offer these to non-smokers, but on the same benefit table applying to under 60s
  • Flexible endowments – these are now all into their extension period and can be cashed in without penalty on any anniversary
  • Most endowments written before 1993 – these had a higher guaranteed benefit – the ‘Sum Assured’ – but attract lower rates of bonus

Bonus rates for retired products

  • Flexible Savings Plans have bonuses determined in the same way as the With Profit Bond.
  • Regular Savings ISAs have bonuses determined in the same way as Lump Sum ISAs.
  • Old Five Year Plans have bonuses determined in the same way as Ten Year Savings Plans (qualifying).
  • Tax Exempt Long Term Savings Plans have bonuses determined in the same way as Tax Exempt Ten Year Savings Plans.
  • Qualifying Long Term Savings Plans have bonuses determined in the same way as Qualifying Ten Year Savings Plans.

Fair Treatment

The Financial Conduct Authority published official guidance in December 2016 entitled “Fair treatment of long-standing customers in the life insurance sector”. Please click below for further information on:

Other Savings Products that we no longer sell (pdf)

Good service – always very helpful and informative.

Miss J Coward, South Norwood, London

‘Hassle-free savings that are started every year on my behalf, without me having to call up.’

 

D.C. R McLaren, Hackney Borough Stations

Great opportunity for family members to be offered the same offers as members.

Miss A McLeary, ESB

Very happy with the service. I have a number of policies for myself and my children.

Police Sergeant S Drysdale, DPS Borough Support

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