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The Nottingham Friendly Society decided in March 2009 not to open any new savings and investment products in our ‘With Profits’ Fund.
We have made this decision only after considerable thought, and in the best interests of our existing ‘With Profits’ members. The decision is a direct consequence of the severe economic downturn, which has featured sharp falls in stock market and property values.
If you are an existing member and have any queries please do let us know, our customer care team can be contacted via the methods shown to the right. Many of the questions you have may be answered below.
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Why are you not selling any more new savings and investment plans? |
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Maintaining a selling operation costs a lot of money, and requires us to maintain very big reserves, which we can no longer afford. Our whole commitment is to our existing members, and we have taken the decision to conserve resources, in order to protect the future value of members’ investments. |
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Does this mean that the Society is ‘bankrupt’? |
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No, the Society is both solvent and liquid, but we have nevertheless taken the decision not to start up any further new savings and investment plans, so that we can conserve all our resources for the benefit of our existing members. |
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Is the money I have invested in the Society safe?
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Yes, we do not forsee any difficulty in paying out our investors’ money when their policies mature, and we have provided reserves to ensure that we are able to do this. Also, the Society is a member of the Financial Services Compensation Scheme, which would provide compensation to investors, in the very unlikely event that the Society became unable to meet its policy commitments. |
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Can I surrender my policy? |
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If you wish to cancel your policy, you can of course do so, though you may get back less than you have paid in. If you would like a surrender value quotation please email info@nottinghamfriendly.co.uk or call us on 0115 9814786 and we will reply in writing within 10 working days.
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Will I still receive bonus statements and when can I expect them? |
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Yes, bonus statements are sent out in June for the preceding calendar year. You will receive statements annually. |
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Will I lose out if I keep my policy until it matures? |
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No. The “sum assured” plus bonuses which have been added over the years, are GUARANTEED on maturity or death.
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Can I still claim Additional Benefits? |
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No. Unfortunately these discretionary, additional payments have been curtailed due to current economic conditions
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Is it likely that the society will be taken over? |
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Yes. We will be considering all options concerning the Society’s longer-term future, with the aim of providing the best possible returns for our members. We will be considering mergers with other Friendly Societies, or other forms of collaboration, to see if these offer the opportunity to improve outcomes for our members. |
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Do I need to change my direct debit details? |
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No, these will continue as usual. |
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