Additional Services

Retired Members Fund

The Retired Members’ Fund is only available to members who have reached retirement and choose to leave their accumulated funds on deposit with the Society. 

• There is no maximum balance on this account.
• It is opened with a transfer of all or part of funds available on retirement. Once the account is opened no further monies may be paid into it.
• Interest is credited on an annual basis.
• Withdrawals will be paid by cheque and a notice period of three days may be required to make such a withdrawal.
• No deduction is currently made for tax on the interest credited. Income earned on the account is however taxable and should be declared to the Inland Revenue.

Deposit Account

• The Extra Contributions Account is only available to existing members of the Society and is available whilst membership is maintained.
• The maximum balance on the account is £1,500 although interest earned can increase this figure if reinvested.
• The Account is effectively a postal deposit account paying interest on an annual basis.
• Deposits and withdrawals need to be made by cheque and a notice period of three days may be required to make withdrawals.
• No deduction is currently made for taxation on interest credited. Income earned on the account is however taxable and should be declared to the Inland Revenue.
• Interest paid Gross - (currently 0.50%) on all balances

Nominations

A nomination means that the person you select can receive up to £5000 (or such larger sum laid down by the Government) immediately upon production of a Death Certificate. If you do not nominate anyone and your estate is in excess of £5000 then a grant of Probate or Letters of Administration will have to be obtained before your money can be released. To obtain a grant can take a few months, making a nomination means that the person you select is able to overcome financial problems at this very traumatic time.