You may have noticed a subtle change on our website, especially to one of our child savings plans.
Our University Savings Plan has changed its name to the Junior Money Maker. The aim of the name change is to help those wanting to save for children by allowing them to easily tell between the savings plans that we have to offer.
The Junior Money Maker, previously known as the University Savings Plan, will continue to offer a long-term savings option aiming to give a child a financial head start to their adult lives, whilst saving above the Junior ISA annual allowance and receiving a TAX-FREE* lump sum when they reach 18.
Some of the key benefits of the Junior Money Maker include:
Flexibility so you stay in control
- Decide whether they receive the full lump sum at 18, or withdraw amounts on an annual basis between the ages of 18 and 21 – making this plan ideal whatever their future dreams maybe
Tax-free sickness benefit
- If the child becomes ill for 4 weeks or more during the term of the plan – parents can receive tax-free benefits of up to £200 per week** to help with the costs
If the unexpected happens we’ll be here to help
- If the premium payer were to die during the term of the plan – Shepherds Friendly will honour the remainder of the investment at the current premium level (Please note, this is only available to a parent/guardian under the age of 50 at the time of application)
To find out more about our Junior Money Maker plan, please follow the link or contact our Customer Services Team on 0161 428 1212.
*All references to taxation are to UK taxation and are based on Shepherds Friendly Society’s understanding of current legislation and H M Revenue and Customs practice which may change in the future.
**The amount of sickness benefit cover received is dependent on the payable premium and the length of sickness