Regular Savings Plan

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Regular Savings Plan

Benefits

Enjoy a Regular Savings Plan and its rewards:

  • Easy - Save directly from a police salary or pension, or by direct debit
  • Choice - Choose the length of your plan, between 10 and 30 years
  • Affordable - Save small fixed regular amounts to suit your budget
  • Guaranteed - Receive a guaranteed lump sum at the end of the term

The (not so) small print

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. 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.

Important Information

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

Download a Regular Savings Plan Nomination Form

Guide to Investing in the Life Fund

Important Information Document

 Other things you should know

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. Remember, past performance is not a guide to the future.

 

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 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.

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.

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 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 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. Remember, past performance is not a guide to the future.

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 Options 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.

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.

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.)

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.

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.

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.

The Regular Savings plan meets HMRC qualifying policy rules so you can save without having to pay any additional tax if you are a basic rate taxpayer. This means you don't have to worry about the taxman taking a bite or doing any paperwork.

HMRC's rules allow you to save up to £300 a month into qualifying policies. If you have exceeded the qualifying policy limit your plan becomes a non-qualifying policy and you may have to pay additional tax.

The value of tax benefits depends on your individual circumstance 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. So its always worth checking with us first.

 

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

 

Calculator

3. Your potential returns

Based on the details you've provided you could potentially receive a cash lump sum between  at 1.50% to  at 7.50% 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 over 
illustration over 10 yrs
 
1.50%
1.50%
 
4.50%
4.50%
 
7.50%
7.50%

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

 

The figures shown above are only examples of what you might get back at the end of the term 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.

Standard projection rates have been used. 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 all of these investment management costs will be more than covered by the increased investment growth potential provided by active management. The growth rates used for your plan make no allowance for this additional performance. We allow for all charges and expenses other than the costs of investment management.

 Product Summary   

Returns At the end of the term you will receive a guaranteed minimum payout, plus the potential for a final bonus which will depend on the performance of our Life Fund.
Guarantees The guaranteed minimum 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 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 The plan meets HMRC qualifying policy rules so you can save without having to pay any additional tax. HMRC’s rules allow you to save up to £3,600 in a 12-month period into qualifying policies. The value of tax benefits depends on your individual circumstances and tax rates or legislation which could change in the future.
Eligibility Serving or retired Police Officers, Staff and Specials, as well as partners and the wider family of Police employees. You must be over 16 and the plan must mature before your 80th birthday.
Charges There are charges on this plan. You can find full details in the “What are the charges?” section of the Important Information document.


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

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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.


Download a Regular Savings Plan Nomination Form

Guide to Investing in the Life Fund

Important Information Document



Continue to application