A Tax Exempt Savings Plan like this can be held in addition to any other tax free plans, such as ISAs.  It provides an additional £300 per year (£25 per month) tax-free savings allowance that you can use.  Any returns will be paid free of capital and income tax.  What’s not to like!

You should be aware that if you cash the plan in early, there may be some tax to pay on its returns.

It is not possible to make a lump sum payment into the POIS Tax Exempt Savings Plan.  You can however consider the Stocks & Shares ISA, Lifetime ISA or Junior ISA we offer which all accept lump sum investments should you wish to save in this way instead.

The monthly contributions you make will purchase units in the POIS Flexible Growth Fund. The aim of the fund is to achieve long term growth, while spreading risk across a wide range of investments. It invests in UK and overseas shares, along with Global Convertible Bonds. It is an actively managed fund which means our expert fund managers make decisions about how to invest the fund’s money as opposed to the fund just following a market index.

The value of holdings within the fund can fall as well as rise, and you could get back less than you have paid into the plan. As the fund holds overseas assets, the Sterling value of these assets may rise and fall as a result of exchange rate fluctuations.

The price of each unit is based on the value of the fund, divided by the number of units in issue. The number of units bought will depend on the price of those units on the day the units are bought.

The price of the units may go down as well as up and you may get back less than you have paid in.

For more information on the fund please see our Fund Information.

As a responsible investor, we want to manage ESG risks and opportunities when investing on behalf of our members.

We have identified certain sectors, products and services, in which we will not invest, above a certain threshold due to ESG-related risk factors.

Consequently, exclusions on controversial weapons, palm oil, soft commodities and climate risks are applied across all assets.

We also exclude the following sectors and areas within our Flexible Growth Fund:

• Tobacco: To avoid financing the tobacco industry and thus contribute to protecting public health.
• Defence: White Phosphorus – To avoid financing companies producing or distributing incendiary weapons with white phosphorus.
• Low ESG Quality: Tight monitoring of companies with the worst ESG practices.
• Severe Controversies: To avoid financing companies in violation of the United Nations Global Compact.

As with any investment, there are costs in managing the plan on your behalf. These include an annual management charge and a monthly administration charge which are deducted from the value of your plan. For more information about charges, see the  Tax Exempt Savings Plan Key Information and Important Information documents.

One benefit of the Tax Exempt Savings Plan is that life cover is automatically included at no additional cost to you. This means that if you pass away before the plan ends then your estate will receive a cash payout. You won’t have to answer any medical questions when applying for the plan making it simple for you to take out but you will benefit from this type of cover.

The amount of life cover is calculated as 75% of the contributions you are due to make over the initial 10 year term.

If you are aged 56 or over when you apply, the amount of life cover is reduced by 2% for each year. For example, if you are 56, you will receive life cover based on 73% of the contributions you are due to make over the initial 10 year term. If you are 57 you will receive 71%.

In all cases, the life cover is available as long as monthly contributions continue to be paid.  If the value of the plan is higher than the life cover, the plan value will be paid to the estate.

We understand that the challenges posed by the cost-of-living crisis may impact your ability to save and invest. Although we’d recommend you keep up with your monthly contributions for the plan’s full duration where possible, we understand that this may not be as easy as it once was.

This is where we provide some flexibility with your existing plan contributions.

If you miss some monthly contributions into the plan, you have 13 months to pay the missing contributions, altogether in one lump sum, and continue paying into the plan without the need to close the plan entirely.

If, at the end of the 13 months, you have not made up the missing contributions there will be various scenarios that could apply. Please bear in mind that if you need to stop paying into the plan, your life cover will end, so, if you pass away, the payment returned to your estate will be the value of the plan. Please see the Important Information  for further details.

If the plan is cashed in before its 10th anniversary, a charge will be deducted before the cash sum is paid to you.  The amount of the charge will depend on how long you have held the plan, as shown in the Important Information document.

In the early years, it is possible the plan value may be less than the surrender charge due.  In that instance, no plan value will be paid out and no further charge will be payable.  If a payout is returned to you, you may be liable for tax on any growth.

If you were to pass away the value of the plan, or the life cover if higher, will be paid. This will normally form part of your estate and may be subject to Inheritance Tax, depending on your individual circumstances.

If you wish, you can nominate a beneficiary to receive the value of your plan if you pass away, providing you have kept your contributions up to date.  This can help to make a difficult time more bearable for your dependents.  They can receive up to £5,000 immediately following your death.  This can be done without having to wait for your estate to be administered, which can often be a lengthy process at a difficult time. Any returns over £5,000 would become part of your remaining estate and have to wait for probate.

If you’re unsure as to the suitability of this plan, you should seek advice from a Financial Adviser. Of course, you may have to pay for this advice.

You can open a Cash ISA and a Stocks & Shares ISA, in addition to a Lifetime ISA if you are eligible, in a single tax year. But you have to make sure that all the combined contributions for that year don’t exceed your total annual ISA allowance. It’s possible to hold ISAs from previous years too, as it’s only the contributions you make to your ISA in the current tax year that go towards this year’s annual ISA allowance.

Please note that tax rules may change and depend on individual circumstances.

Cash ISAs are basically savings accounts available to anyone aged 16 and over, where all the interest paid is free of income tax. Unlike a Stocks & Shares ISA the value of your capital can’t fall. There are two types of Cash ISAs:

• Instant Access – you have direct access to your money and can make withdrawals whenever you need to.
• Fixed Rate Cash ISAs – encourage you to lock your money away for a set period of time. Generally, the longer it’s in there, the more potential there is for a higher rate of interest.

A Stocks & Shares ISA, like this one, is designed more for longer-term investments and is available to anyone aged 18 years old and over. You may find it delivers a better return over time than a Cash ISA because it’s invested in a range of ways – but that all depends on the performance of the asset types your money may be invested in. The value of your investments can fall as well as rise and you may not get back the full amount originally invested.

Yes, you can transfer an existing ISA into our Stocks & Shares ISA and then continue to save for your future with Foresters Friendly Society.

Moving an existing ISA over to a Stocks & Shares ISA invested with Foresters Friendly Society is easy. If you are opening a new ISA with us, all you need to do is select the Transfer option in the online application. You’ll need to download and complete the Transfer form, then send this to us by post. We’ll then contact your existing provider and let you know when the funds have been added to your Foresters Stocks & Shares ISA.

If you are transferring into an ISA you already hold with us, you can start this process online by clicking here, providing your existing Foresters ISA policy number, and selecting Transfer in the payments section. You’ll find a Transfer form there which you’ll need to complete and return to us by post. We’ll then do the rest and let you know when the transferred funds have been added to your Foresters ISA.

To talk about transferring an ISA in more detail, call our UK-based team on 0800 622 417 or email us at [email protected] and we’ll be more than happy to help.

The money you pay into the Stocks & Shares ISA is invested in Foresters’ consistently well performing With Profits Order Insurance Fund. The fund’s aim is to deliver investment growth for you. Dependent on the performance of Foresters’ fund, there is the potential for annual bonuses and a possible final bonus to be added to your ISA.

Once invested, your money is spread across various types of investments including property, equities, cash and UK government bonds. This is done to reduce risk and increase the potential for healthier returns. You don’t need to be an investment expert – fund managers will handle the fund for you.

For the latest information on the investment strategy for Foresters’ With Profits fund, please see the Principles and Practices of Financial Management (PPFM).

As a friendly society, it’s particularly important to Foresters that your money is managed in an ethical and responsible way. As a signatory of the Principles for Responsible Investment (PRI) it demonstrates their commitment to responsible investment, to reducing their impact on the environment and mitigating climate change risk in their investment portfolios.

When you open a plan, you can be confident that investing with Foresters means your money will be invested in a trustworthy and environmentally conscious way. The PRI is the world’s leading supporter of responsible investment and promotes a better understanding of the investment implications of environmental, social and governance (ESG) factors.

Find out more about the 6 PRI principles Foresters have signed up to here.

Rather than receiving interest your investment has the potential to grow through the addition of bonuses which depend on the performance of Foresters’ Order Insurance Fund. Any profits may be used to award an annual bonus to your ISA and possibly a final bonus when you eventually withdraw your money.

Foresters’ Order Insurance Fund has paid annual bonuses on the Stocks & Shares ISA for the past 18 years.

• In 2021 the annual bonus rate was 1.25%.

This annual bonus is applied to the amounts you have invested, less the amounts you have withdrawn, and any annual bonuses that have been previously added.

We recommend you read our Principles and Practices of Financial Management (PPFM) to find out more about the addition of bonuses and how Foresters’ Order Insurance Fund is managed.

From time to time, the product might change slightly to meet the needs of our policyholders. This may affect the timings and amount of any bonuses in the future. Therefore, the above bonus rate is provided for information purposes only. It shouldn’t be considered as an indication of likely future performance.

Every year there is a management charge to pay – it’s set at 2% of your ISA’s value. It’s there to cover our costs in administrating the plan for you. We’ll always deduct the charge before we declare any bonuses. This way there are no additional fees for you to pay and our bonus rates are declared after the charge has been taken. Although this charge could increase in time, we guarantee it’ll never be more than 3% of the value of your ISA in any one year.

For more details, please read the relevant Stocks & Shares ISA Key Information Document and Important Information.

You can make regular and one-off withdrawals just as long as the remaining balance of your ISA does not fall below £500. After two years you can make regular withdrawals at fixed points in time such as monthly or quarterly, and one off withdrawals can be made at any time.

Please take a few minutes to read the Important Information document for further information on making withdrawals.

As a with profits investment, your ISA will benefit from the potential for growth the longer it is kept invested. However, you can cash it in at any time. What you get back will depend on how much you’ve invested, any amounts you’ve withdrawn and any annual bonuses.

In good investment conditions you may also receive a final bonus. However, in less favourable conditions, a Market Value Reduction (MVR) may be applied which will reduce the ISA’s value and may mean you get back less than was paid in.

For more details please take a few minutes to read the Important Information document.

Of course. If you have a change of heart and want to close your ISA within the first 30 days, simply complete the cancellation form and return it to us.

After the 30-day cancellation period is over you can cash-in your ISA whenever you choose. However, due to the nature of the investment and the length of time you may have invested for, you may find you get back less than you have paid in.

For more information please see the Important Information document.

If you’re still unsure if this plan is suitable for you, then you should seek advice from a Financial Adviser. Please be aware that you may have to pay for this advice.

Whether you’re putting plans in place for your first leap into home ownership, or thinking about the type of retirement you’d like to have, a Lifetime ISA could be just what you need to get started. It allows you to pay in up to £4,000 every tax year into a Cash LISA, or a Stocks & Shares LISA like the one we offer (or you can split the allowance between both). The government will then add a 25% bonus on the money you pay into your LISA every month.

It gets better. As your money will be invested in Foresters Friendly Society’s With Profits fund, it could also benefit from an annual bonus each year, plus a potential final bonus when you withdraw your money. Unlike the government bonus, these bonuses are not guaranteed.

To open a Lifetime ISA you need to be aged 18 to 39 and a UK resident for tax purposes

Although you need to be under 40 to open a LISA, once opened you can pay into the plan until you turn 50 at which point no more contributions can be made. Government bonuses will be paid on any money you pay into your Lifetime ISA up until the age of 50 and we aim to add bonuses dependent on the performance of the Foresters’ with profits fund throughout the plan’s duration.

If you’re saving for retirement your savings can be accessed from the age of 60.  If you’re saving for your first home, your savings can be accessed for that purpose at any age, but bear in mind that stocks and shares Lifetime ISAs (LISAs) are designed as medium to long-term investments. So if you are thinking of using your LISA for a deposit on your first home within the next three years or so, then the Foresters Lifetime ISA may not be right for you.

As the Lifetime ISA should ideally be held for a number of years, you may find that some of the rules and regulations covering their operation and tax status may change in the future. You won’t pay tax on your investment, but don’t forget that tax is automatically deducted from share dividends and that tax cannot be reclaimed. The addition of Foresters bonuses is not guaranteed.

If you choose to open a Lifetime ISA invested with Foresters Friendly Society, you can pay in regular monthly amounts by Direct Debit from £50 or you can invest a lump sum of at least £500. After that you can make top ups with lump sums of at least £250.

Alternatively, you can make a mixture of both regular and lump sum payments into the plan. Just remember your total contributions must not be more than £4,000 per tax year.  As LISAs are designed to be held for a number of years, the limit on annual contributions may change but we will keep you updated if it does change in the future.

Yes, you can move money from other savings or ISAs into your LISA, which could work to your benefit if your current savings are not performing as well as you would like.

Perhaps you’ve already started saving for your first home in a Help To Buy ISA. Not a problem – you can still transfer that into a LISA during the 2021/2022 tax year, and receive the 25% government bonus on those funds as well. It’s important to remember that any transfer you make from another ISA will count towards your annual £4,000 LISA limit. Before making any transfer, it’s important to check with your existing provider if there will be any penalties or loss of interest from your existing savings or ISAs.

To transfer an existing ISA all you need to do is complete the online application, which includes a transfer option. There is a transfer form that must be completed and returned to us so we can process your transfer request. We will then contact your existing provider to start the transfer process.

If you are transferring into a Lifetime ISA you already hold with us, you should complete the online Top up form, select the transfer option and make sure you provide your Foresters Lifetime ISA policy number.

Unfortunately, you can’t take out a joint LISA. But the good news is that your partner can take one out too. This way you can both benefit from the tax advantages, government bonus and growth potential. Both of you can each pay in a maximum of £4,000 to a LISA.

Not only that, both of you can each contribute £16,000 (the remainder of your annual £20,000 ISA allowance) into a normal Cash ISA or into a Stocks & Shares ISA for the current tax-year, maximising your tax free savings even further.

Yes, you can, as anyone aged 18 to 39 can apply. But you’ve not much time left, and it’s really important your LISA has money in the policy before your 40^th birthday. This is part of HMRC’s requirements for the product, as their rules say the LISA must be set up and have money deposited whilst you are still 39.

Therefore it’s a good idea to start the plan with a lump sum payment, as depending on when in the month you make your application, it could be several weeks before you make the first Direct Debit payment.  So to be on the safe side, we’d suggest you consider opening the plan with a lump sum if you’re less than two months away from your 40^th birthday.

It’s simple, but remember, your Lifetime ISA can only be used when you’re buying your first home. When the purchase is proceeding, your money that’s in the Lifetime ISA, including all government and possible Foresters’ bonuses, will be passed directly to the solicitor or licensed conveyancer who is acting on your behalf. If, for some reason, the purchase of the property doesn’t complete, the solicitor will return the money and it will be reinvested back into your plan at no loss to yourself.

Your money, along with the government bonus, will be invested into the Foresters Friendly Society consistently well performing With Profits Order Insurance Fund. The fund’s goal is to deliver growth over the medium to long term. There is the potential for annual bonuses and a maybe even a final bonus to be added to your Lifetime ISA by Foresters in addition to the government bonus, but this depends on how well the fund performs and cannot be guaranteed.

The following annual bonus rates have been declared by Foresters for our Lifetime ISA. These are paid in addition to your 25% government bonus:

The annual bonus is applied to the amount invested, less any withdrawals you may have made to your Lifetime ISA – plus any previous bonuses that have been added.

Please note that bonuses are not guaranteed. And you may not get back the full amount you invested originally, dependent on the investment conditions at the time of withdrawal. Inflation will affect what you can buy when you cash-in your LISA.

Please read our Principles and Practices of Financial Management (PPFM) to find out more about the addition of bonuses and how Foresters manage the fund.

From time to time, the product might change slightly to meet the needs of policyholders. This may affect the timings and amount of any bonuses in the future. Therefore, the above bonus rate is provided for information purposes only. It shouldn’t be considered as an indication of likely future performance.

As a friendly society, it’s particularly important to Foresters that your money is managed in an ethical and responsible way. As a signatory of the Principles for Responsible Investment (PRI) it demonstrates their commitment to responsible investment, to reducing their impact on the environment and mitigating climate change risk in their investment portfolios.

When you open a plan, you can be confident that investing with Foresters means your money will be invested in a trustworthy and environmentally conscious way. The PRI is the world’s leading supporter of responsible investment and promotes a better understanding of the investment implications of environmental, social and governance (ESG) factors.

Find out more about the 6 PRI principles Foresters have signed up to here.

The money that you pay into your Lifetime ISA in any one tax year will receive a 25% government bonus which is paid monthly. So let’s say you pay £200 a month into your LISA; each month you will receive a £50 government bonus as well. The payment of these bonuses is managed for you, so you don’t need to do a thing.

There’s an Annual Management Charge to pay, which covers the cost of managing the LISA for you. This is initially set at 2% of the value of your Lifetime ISA, and will be deducted before any annual bonuses are added to the plan.

The charge may change, but Foresters promise it will never exceed 3% of the value of your Stocks & Shares LISA in any one year. For more information about charges, please see the Lifetime ISA (LISA) Key Information Document and the Important Information.

Good question. Although the LISA is designed for you to save for your first home or later life and retirement from age 60, you can still cash it in for other reasons. However, in most cases this would incur a 25% government charge, applied to the whole amount of your withdrawal.

This effectively returns the government bonus to them, and includes any growth or other bonuses received on that money. If you do wish to make withdrawals, then we recommend you read the Lifetime ISA Important Information for further information.

If you’re unsure if this plan is suitable for you, then you should seek advice from a Financial Adviser. Please be aware that you may have to pay for this advice.

With ease!  Your monthly contribution will be paid by Direct Debit straight from your bank account.  When you apply, you will provide your bank details and we will set the Direct Debit up for you, you don’t need to do a thing.

Your contributions will be collected each month.  It is not possible to make a lump sum payment into the POIS Savings and Investment Plan, if you wish to invest a lump sum you can consider other plans we offer such as the Junior ISA, Stocks & Shares ISA or Lifetime ISA which accept lump sum payments by card, bank transfer or online secure payments.

A benefit of the Savings and Investment Plan is that life cover is automatically included at no additional cost to you. To be eligible for the plan you will asked about your state of health within the application.  If you are unable to confirm the two points requested, then unfortunately you will not be able to take out a plan.

The amount of life cover is based on the size of contribution you pay and is calculated as 75% of the contributions you are due to make over the plan’s initial 10 year term.

If you are aged 56 or over when you apply, the amount of life cover is reduced by 2% for each year. For example, if you are 56, you will receive life cover based on 73% of the contributions you are due to make over the initial 10 year term. If you are 57 you will receive 71%.

In all cases, the life cover is available as long as monthly contributions continue to be paid. If the value of the plan is higher than the life cover, the plan value will be paid to your estate.

Your money is invested in the POIS Savings Fund which aims to provide good potential for growth, over the longer term, by investing mainly in stocks and shares. It is an actively managed fund which means our expert fund managers make decisions about how to invest the fund’s money as opposed to the fund just following a market index.   Investing in different industry sectors helps reduce risk and increase potential returns through diversification. It’s all about not having ‘all your eggs in one basket’.

The contributions you make will be used to purchase units in the fund. The value of holdings within the fund can fall as well as rise, and you could get back less than you have paid into the plan. As the fund holds overseas assets, the Sterling value of these assets may rise and fall as a result of exchange rate fluctuations.

For more information on the fund please see the fund information section.

As with any investment, there are costs in managing the plan on your behalf. These include an annual management charge and a monthly administration charge which are deducted from the value of your plan.

For more information about charges, see the Savings & Investment Plan Key Information and Important Information documents.

We would encourage you to keep up your monthly contributions for the plan’s full duration.

If you stop making contributions, your life cover will end, so, if you pass away, the payment returned to your estate will be the value of the plan.

If you miss some monthly contributions into the plan, you have 13 months to pay the missing contributions, altogether in one lump sum, and continue paying into the plan. If, at the end of the 13 months, you have not made up the missing contributions there will be various scenarios that could apply.  Please see the Important Information document for further details.

If the plan is cashed in before its 10th anniversary, a charge will be deducted before the cash sum is paid to you.  The amount of the charge will depend on how long you have held the plan, as shown in the Important Information document.

In the early years, it is possible the plan value may be less than the surrender charge due.  In that instance, no plan value will be paid out and no further charge will be payable.  If a payout is returned to you, you may be liable for tax on any growth.

If you were to pass away and the value of your plan is higher than the amount of life cover, we will pay the current value. This will normally form part of your estate and may be subject to Inheritance Tax, depending on your individual circumstances.

If you wish, you can nominate a beneficiary to receive the value of your plan if you pass away, providing you have kept your contributions up to date.  They can receive up to £5,000 immediately following your death.  This can help to make a difficult time more bearable for your dependants.  This can be done without having to wait for your estate to be administered, which can often be a lengthy process at a difficult time. Any excess over the £5,000 would become part of your remaining estate and have to wait for probate.

If you’re unsure as to the suitability of this plan, you should seek advice from a Financial Adviser. Of course, you may have to pay for this advice.

With ease!  Your monthly contribution will be paid by Direct Debit straight from your bank account.  When you apply, you will provide your bank details and we will set the Direct Debit up for you, you don’t need to do a thing.

Your contributions will be collected each month.  It is not possible to make a lump sum payment into the POIS Savings and Investment Plan, if you wish to invest a lump sum you can consider other plans we offer such as the Junior ISA, Stocks & Shares ISA or Lifetime ISA which accept lump sum payments by card, bank transfer or online secure payments.

A benefit of the Savings and Investment Plan is that life cover is automatically included at no additional cost to you. To be eligible for the plan you will asked about your state of health within the application.  If you are unable to confirm the two points requested, then unfortunately you will not be able to take out a plan.

The amount of life cover is based on the size of contribution you pay and is calculated as 75% of the contributions you are due to make over the plan’s initial 10 year term.

If you are aged 56 or over when you apply, the amount of life cover is reduced by 2% for each year. For example, if you are 56, you will receive life cover based on 73% of the contributions you are due to make over the initial 10 year term. If you are 57 you will receive 71%.

In all cases, the life cover is available as long as monthly contributions continue to be paid. If the value of the plan is higher than the life cover, the plan value will be paid to your estate.

Your money is invested in the POIS Savings Fund which aims to provide good potential for growth, over the longer term, by investing mainly in stocks and shares. It is an actively managed fund which means our expert fund managers make decisions about how to invest the fund’s money as opposed to the fund just following a market index.   Investing in different industry sectors helps reduce risk and increase potential returns through diversification. It’s all about not having ‘all your eggs in one basket’.

The contributions you make will be used to purchase units in the fund. The value of holdings within the fund can fall as well as rise, and you could get back less than you have paid into the plan. As the fund holds overseas assets, the Sterling value of these assets may rise and fall as a result of exchange rate fluctuations.

For more information on the fund please see the fund information section.

As with any investment, there are costs in managing the plan on your behalf. These include an annual management charge and a monthly administration charge which are deducted from the value of your plan.

For more information about charges, see the Savings & Investment Plan Key Information and Important Information documents.

We would encourage you to keep up your monthly contributions for the plan’s full duration.

If you stop making contributions, your life cover will end, so, if you pass away, the payment returned to your estate will be the value of the plan.

If you miss some monthly contributions into the plan, you have 13 months to pay the missing contributions, altogether in one lump sum, and continue paying into the plan. If, at the end of the 13 months, you have not made up the missing contributions there will be various scenarios that could apply.  Please see the Important Information document for further details.

If the plan is cashed in before its 10th anniversary, a charge will be deducted before the cash sum is paid to you.  The amount of the charge will depend on how long you have held the plan, as shown in the Important Information document.

In the early years, it is possible the plan value may be less than the surrender charge due.  In that instance, no plan value will be paid out and no further charge will be payable.  If a payout is returned to you, you may be liable for tax on any growth.

If you were to pass away and the value of your plan is higher than the amount of life cover, we will pay the current value. This will normally form part of your estate and may be subject to Inheritance Tax, depending on your individual circumstances.

If you wish, you can nominate a beneficiary to receive the value of your plan if you pass away, providing you have kept your contributions up to date.  They can receive up to £5,000 immediately following your death.  This can help to make a difficult time more bearable for your dependants.  This can be done without having to wait for your estate to be administered, which can often be a lengthy process at a difficult time. Any excess over the £5,000 would become part of your remaining estate and have to wait for probate.

If you’re unsure as to the suitability of this plan, you should seek advice from a Financial Adviser. Of course, you may have to pay for this advice.