Save from the equivalent of £1 a day, and look forward to a guaranteed minimum payout at the end of the term

  • The hassle-free way to build a nest egg for that big wedding, a dream holiday, or your retirement.
  • Set up payments directly from your Police salary or pension, or by Direct Debit, then relax while we do the rest
  • Over 75,000 members of the Police Family are already saving and looking forward to a guaranteed minimum payout
  • As a friendly society, some of the investment growth within our fund is tax exempt. This helps to increase the overall return.

How it works

  • Put aside what you can afford, from just £7 a week... that’s less than your morning coffee
  • You’ll receive a guaranteed minimum amount at the end of the term, with the potential for a final bonus based on the performance of our Life Fund
  • Charges apply for this product, please see our Key Information Document
  • If you cash in before maturity, you might get back less than you put in. Additionally, the guaranteed minimum amount at the end of the term might be less than the total you invested, depending on your age at outset
The (not so) small print

These products are provided by Police Mutual Assurance Society Limited trading as Police Mutual. More information is available on our legal page.

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Product documents

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

Your Questions Answered Your Questions Answered

  • It's a savings plan that you pay into each month for 10 – 30 years and at the end of the term you receive a payout.

    You just need to decide how much you want to save each month, and for how long. We can take payments directly from most Police salaries and pensions, or by direct debit from your bank account.

    It's a 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.

  • The Regular Savings Plan does not pay interest: it is an investment product. Any growth in your savings is based on the performance of our Life Fund, which is where your money is invested.

    But remember that every plan will have a guaranteed minimum payout. So 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.

    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.

  • The plan is designed to help you save for a minimum of 10 years. You can cash in your plan at any time but you may get back less than you've invested, and in the early years you may not get back anything at all.

  • The guaranteed minimum payout varies with age because of the cost of life cover included in the plan. For those aged 50 or over when the plan is taken out this will be less than paid in, so please check with us before you apply.

  • 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.

  • The online application process is simple and only takes a few minutes. You'll need your payroll or Direct Debit details ready to hand when you apply.

  • 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.

  • Your payout will depend on the performance of our Life Fund, which is where your money is invested.

    See what the guaranteed payout for a £7 a week Regular Savings Plan would be below.

  • The guaranteed payout varies with age because of the life cover included in the plan and, for those aged 50 or over when the plan is taken out this will be less than paid in, so please check with us before you apply.

    We aim to add a final bonus when it matures at the end of the term. This 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. Remember, past performance is not a guide to the future.

    You can see what your guaranteed payout, for a £7 a week Regular Savings plan, would be below.


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

    Our Options ISA allows you to save regularly, starting from just £40 a month, within your annual ISA allowance.

  • 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.

    If you can’t pay from your Police salary or pension, or if you’re not employed by the Police Service, we take payments by Direct Debit.

  • You can start saving from as little as the equivalent of £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.

  • The Switched on Saving service is a 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. This means, once your first plan matures, you‘ll receive a guaranteed minimum payout every year after that.

    For example, if your first plan was issued for £35 per month your total monthly premium will be £175 per month by year five.

    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.

  • Your plan will continue as normal but you'll have to change your payments to Direct Debit if you’re 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 access all our products and services, including taking out further Regular Savings Plans, if you want to.

  • The Regular Savings Plan can be set up as a ‘qualifying policy’ from a tax perspective, up to a maximum of £3,600 per year in premiums, meaning you don’t need to pay additional tax on any proceeds you receive. Also, as a friendly society, some of the investment growth within our fund is tax exempt. This helps to increase the overall return. The value of tax benefits depends on your individual circumstances and tax rates or legislation which could change in the future. For the latest personal tax limits please visit the HMRC website.

     

  • 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 (in the early years, you may not get back anything at all). So it’s always worth checking with us first.

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