Regular Savings

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It is important you understand all of the key features of the Regular Savings if you are considering applying.

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Includes member benefits

Regular Savings

Don’t miss out… make plans and live a little

 
  • Guaranteed - Guaranteed lump sum at the end of the term
  • Hassle free - With deductions from your salary, pension or by Direct Debit
  • Flexible - Saving from as little as £1 a day
  • Smart saving - Choose to start a new plan automatically every year with our Switched On Saving service
  • Secure - Built-in life cover for your peace of mind
Benefits Important Information

Regular Savings Benefits

Get your savings on track with our Regular Savings plan:

  • Flexibility to choose how much you want to save - from as little as £1 a day.
  • Fixed regular payments helping you get into the savings habit.
  • Pay directly from your Police salary/pension or by Direct Debit, depending on what suits you.
  • Life cover included as standard for added peace of mind.
  • A guaranteed cash lump sum at the end of the term to spend on whatever you like.
  • Fixed 10 year term helps you resist dipping into your savings.
  • Potential for a final bonus to be added to your payout, depending on investment performance.
  • Switched On Saving - you can choose to start another plan automatically at the same time every year. No paperwork, no calls, no hassle.

3. Your potential returns

Based on the details you've provided you could potentially receive a cash lump sum between  at 3.10% to  at 6.30% investment growth per year at the end of the term.

1. How much would you like to save?

I'm aged between 

Weekly amount I'd like to save
illustration over 10 yrs
 
3.10%
3.10%
 
4.65%
3.10%
 
6.30%
3.10%

2. Saving that much per week is the equivalent of

Comparison image

By saving £ each week towards your future, you'd only be giving up

 

These figures are only examples of what you might get back after 10 years and are not guaranteed. They assume that you maintain your monthly payment until the end of the term. You could get back more or less than the amounts shown and the actual amount you receive will depend on how your investment grows, on our charges and on the tax treatment of your investment.

Lower than standard projection rates have been used due to market conditions. If you cash in your plan before the end of the term, you could get back less than you have paid in.

We pay external fund managers to actively manage parts of the life fund. We expect that this cost will be more than covered by the increased investment growth potential provided by active management. The growth rates used for your plan are prudently based by making no allowance for this additional performance. For consistency we do not allow for the extra cost of active management.

Product Summary

Returns How much you get back depends your guaranteed minimum payoutA guaranteed cash lump sum at the end of the term with potential for bonuses. . We aim to add a final bonus when it matures at the end of the term. Bonuses depend on the performance of the Police Mutual Life Fund.
Guarantees Every plan has a guaranteed minimum payoutA guaranteed cash lump sum at the end of the term with potential for bonuses. . The guaranteed payout varies with age because of the cost of life cover included in the plan and for some, it may be less than has been paid in so it's always worth checking with us first.
Withdrawals The Regular Savings Plan is designed to help you save for a minimum of 10 years. You can cash-in your plan at any time, but this should be as a last resort as you may get back less than you've invested.
Tax Status Your cash lump sum at the end of the term is completely free of personal tax.
Eligibility Police Staff, PCSOs, Specials, Retired Officers and Serving Officers can all benefit by joining Police Mutual. Family members including partners, brothers, sisters, parents, children and grandchildren can join too. You must be over 16 and the plan must mature before your 80th birthday.

This could suit you if you want:

  • To save regularly for at least 10 years.
  • A guaranteed minimum payoutA guaranteed cash lump sum at the end of the term with potential for bonuses. with the potential for a final bonus at the end of the term.
  • To build a savings habit and resist the temptation of dipping into your savings.

Other things you should know

Close all Open all
How does it work?

It's a savings plan that you pay into each month for ten years and at the end of the term you receive a cash lump sum.

You just need to decide how much you want to save each month. And as we can take payments directly from most Police salaries and pensions, you'll hardly notice you're saving.

When you apply you can also choose to sign up to our switched on saving service. It's a new feature which is designed to take the hassle out of saving.

Every plan will have a guaranteed minimum payout. So no matter what happens in the financial markets, you know the very minimum you'll get back at the end of the term.

Your money is invested in our established Life Fund. It's a steady fund that is already invested in by over 150,000 members of the Police Service and their families.

So you know you're in good company and safe hands.

What is the switched on saving service?

The switched on saving service is a new feature of the Regular Savings plan. It's designed to take the hassle out of saving.

When you apply for your new plan, you can sign up to the service so that each year we automatically set up a new plan for you to start at the same time - no paperwork, no phone calls and no hassle. This means, once your first plan matures, you will receive a guaranteed lump sum every year after that.

If you decide that you no longer want to have a new plan automatically set up for you each year, you can simply opt out of the service at any time.

How much can I save?

You can start saving from as little as £1 a day.

There's no maximum amount with the Regular Savings Plan. However the amount you choose to save will be for the term of the plan as we can't increase or reduce payments once your plan has started.

Can I pay from my salary or pension?

Current and retired members of the Police Service can pay for their Regular Savings plan direct from their Police salary or pension in most forces. Our payments page will show you whether you can pay from your Police salary or pension in your force.

For those who cannot pay from their Police salary or pension, we take payments by Direct Debit.

Can I save for less than 10 years?

If you're looking to save for less than 10 years, take a look at our other savings and investment options which help you do this.

Our Guaranteed ISA allows you to save regularly starting from just £40 a month within your annual ISA allowance, and our Guaranteed Investment Bond is a good option for investing a Lump Sum.

Both products come with unlimited growth potential and guaranteed protection at set points.

What will I get back?

It is very difficult to predict exactly what you'll get back as your payout will depend on the performance of our Life Fund, which is where your money is invested.

However every plan will have a guaranteed minimum payout. So no matter what happens in the financial markets, you'll know the very minimum you'll get.

You can find out what your own personal minimum payout would be using our online illustration calculator.

> Get an online personal illustration

You can also see what your guaranteed payout, for a £5 a week Regular Savings plan, would be below.

Guaranteed Minimum Payout Illustration
Age next birthday 10 Year Plan 15 Year Plan 20 Year Plan 25 Year Plan
Up to 30 £2,655 £4,016 £5,488 £7,373
31 - 40 £2,613 £3,952 £5,369 £6,957
41 - 50 £2,600 £3,920 £5,200 £6,500
51 - 55 £2,457 £3,714 £4,891 £6,175
56 - 60 £2,363 £3,579 £4,704 -
61 - 65 £2,255 £3,406 - -
66 - 70 £2,120 - - -

The guaranteed payout varies with age because of the life cover included in the plan and for those who are older may be less than has been paid in.

We aim to add a regular bonus each year into your plan and a final bonus when it matures at the end of the term. These could increase your guaranteed minimum cash payout.

But as we can't predict how the financial markets will perform in the future, the value of these bonuses will depend of how our Life Fund performs.

What happens if I leave the Police?

Your plan will continue as normal but you'll have to change your payments to Direct Debit if you are currently paying from your Police salary or pension.

We're here for people who work, or have ever worked in the Police Service and their families.  So you'll still be able to benefit from all our products and services, including taking out further regular savings plans if you want to.

What happens if I die?

The Regular Savings plan includes life cover as standard and you're covered from day one, giving you added peace of mind.

So should the unthinkable happen to you, your loved ones will receive your guaranteed minimum payout.

You can nominate who receives the first £5,000 of any payout. This is paid out quickly without the need for your estate to be settled first.

You can download and complete a nomination form at any time.

Is there any tax to pay?

Your cash lump sum at the end of the term is completely tax-free as any tax is paid within the Life Fund. So you don't have to worry about the taxman taking a bite or any paperwork.

How long will it take to apply?

The online application process is simple and takes no more than a couple of minutes. You'll need your payroll or Direct Debit details ready to hand when you apply.

Additional checks

To comply with money laundering regulations, we sometimes have to carry out an online identity check with a reference agency when you apply.

The agency will add a note to your credit record to show that an identity check has been made. We won't share this information with anyone else and it won't affect your credit rating.

How will I know how my savings plan is performing?

We'll send you a statement each year which will show the performance of your plan so you'll be able to keep track of your savings.

You can also contact us when you'd like an update in between your statements.

Can I get hold of my savings if I need to?

You can get hold of your money if you need to at any point. But as the Regular Savings plan is designed for those looking to save for the medium to long term, it should be as a last resort.

If you do cash in you may get back less than you've invested. So its always worth checking with us first.

What is the interest rate?

There's no interest rate with the Regular Savings plan. Any growth in your savings is based on the performance of our Life Fund.

But remember that every plan will have a guaranteed minimum payout. So no matter what happens in the financial markets, you know the very minimum you'll get back at the end of the term.

We aim to add a final bonus to your plan when it matures at the end of the term. This could help boost your guaranteed minimum cash payout.

But as we can't predict how the financial markets will perform in the future, the value of this bonus will depend on how our Life Fund performs.

What happens when my plan matures?

We'll contact you six weeks before your plan matures with your final payout value.