Savings & Investments | Frequently asked questions
How much can I save into the Tax-exempt Easypay Savings Plan?
- Any payments you are making to any other tax-exempt savings plans (either with CWFS or other Friendly Societies) will need to be taken into account, so that you do not go over the tax-exempt limit. The maximum that can be contributed to all plans for one person is £25 per month or £5.66 a week. If you take out a policy for 15 years or more you will be able to save from as little as £3.40 a week or £15.00 a month.
Can I save weekly or monthly?
- If you pay direct from pay we enable you to save weekly or monthly. If you pay by direct debit we require that you pay monthly.
Can I have more than one Tax-exempt Easypay Savings Plan?
- Providing that your premium contributions do not go over the Tax-exempt Savings limits (maximum contribution limits are £5.66 a week or £25 a month) You may be able to have multiple policies.
Can I put a lump sum into a Tax-exempt Easypay Savings Plan?
- Our policy only enables you to save on a regular basis; it is not set up to accept lump sum payments.
What are the charges?
- There are a number of charges that need to be covered. We take the costs of these directly out of the fund each year before we work out how much we can add to members’ plans as bonuses. All charges for administration and expenses are based on the actual costs of running the business - all of the costs of running CWFS are charged to the With-Profits Fund and, normally, all of the charges are deducted from asset shares.
How is my money invested?
- We employ professional investment managers to invest your money on behalf of the CWFS With-Profits Fund. CWFS will invest your savings in our With-Profits Fund which invests in a range of stocks and shares, government securities (gilts), corporate bonds, property and cash.
How can I pay?
- We require you to make regular contributions. If you work for Royal Mail, British Telecom, Parcel Force or at CWU head office normally these will be deducted from your pay. If you are paid weekly, the deductions will be made weekly. If you are paid monthly, the deductions will be made monthly. Once we have processed your application we will arrange for the deductions to be made automatically. If you leave Royal Mail, British Telecom, CWU or Parcelforce you can choose to continue to make contributions by monthly direct debit.
Can I cash my plan in early?
- Yes. However if you cash in your plan before you have paid 12 months premiums you will get nothing back. If you cash in your plan after 12 months payments have been made we will pay you the surrender value which reflects how much you have saved, the expenses of running the plan and the investment growth of the underlying With-Profits fund. You may not get back as much as you paid in.
Will I get my money back?
- For policies with terms of 15 years or less you may not get back what you have invested. However for policies with terms of 15 years or more you will get back at least your original investment.
Plus – For more information or if you have any further questions, please contact our member services team on 0800 064 0654. Alternatively please click here to download a copy of Key Features Document.
