Tax Free and Taxable Savings Plan
Tax Free and Taxable Savings Plan
Why start a Red Rose savings plan?
We live in an uncertain world where a little sound financial planning now can
help towards achieving the things that you have always wanted for yourself
and your family.The Red Rose tax free savings plan brings your hopes and goals closer to reality.
Starting a Red Rose savings plan now means you can build up a nest egg to spend on those ambitions and wants. We all have expenses to meet in the future, some we know about, some we don't.
- A wedding perhaps?
- Your childrens education?
It maybe that you just want the peace of mind, knowing that you have a lump
sum coming in the years ahead. Whatever the reason, it's really worth increasing your savings today.
Is my Red Rose Savings plan taxed?
The Red Rose Savings plan allows you to take advantage of our valuable
position as a Friendly Society and save regularly towards a tax-free lump sum.
The first £25 per month you save is completely free of tax meaning
that your savings should grow at a better rate than if tax were being paid.
What's more, at the end of the plan, the lump sum you receive
is totally tax-free.*
How much can I save?
As little as £10 a month allows any UK resident to start a Red Rose Savings plan. There is no limit to the amount that you can save. Many of our members use all of their tax allowance and invest more besides.*The sooner you start investing for your future, the longer your savings will have to grow, resulting in larger accumulated lump sum. You can save for as long as you want from 10 to 30 years.
How much will I get back?
This depends on how much you save every month, how long you save for and the amount of money we add to the lump sum over the period. Have a look at the example to see just how much a Red Rose Savings plan taken out in the past might have paid out. The example is based on how much a male, non-smoker, aged 25 could have received if he had saved £25 per month tax-exempt for 18 years.
For example (note this is an illustration only)
for a male non-smoker, aged 25 next birthday. Over an 18 year term. Saving £25 per month tax-exempt.*
Guaranteed Bonus
£4,275
Yearly Bonus Total
£3,067
Terminal Bonus
£1,101
Total Lump Sum
£8,443
For each £1000 sum assured you will pay the following premiums: Higher benefits may be assured by payment of proportionately higher contributions.
The normal term for this policy is 10 years or 15 years. Longer terms of 20 years, 25 years or 30 years are available please ask for a quotation.
| Age Next Birthday | Term of Policy | |
|---|---|---|
| 10 Years | 15 Years | |
| 11 - 50 | £11 | £8 |
| 51 - 60 | £12 | £8 |
The normal term for this policy is 10 years or 15 years. Longer terms of 20 years, 25 years or 30 years are available please ask for a quotation.
Please remember past performance is not an indication of future performance.
Future performance and bonus levels are dependent on profits not yet earned.
Results in the example were in line with periods of higher interest and bonuses and may not be repeated in future.
Future performance and bonus levels are dependent on profits not yet earned.
Results in the example were in line with periods of higher interest and bonuses and may not be repeated in future.
* All references to taxation are based on the Society's understanding of current tax law that may change in the future.
