One of the distinctive features of Wesleyan is its mutual
status. This means we are owned by, and run for, the benefit of our
members, who share in the Society's success.
A number of customers have asked us about how to become a
member, below details exactly that. If you have an questions please
do not hesitate to get in touch.
Membership of the Society
In order to be a member of the Society a person must be a
policyholder of a qualifying policy of insurance. A qualifying
policy is any subsisting policy issued in the ordinary life
department, any policy issued after 28 April 1998 or any policy
issued prior to 29 April 1998 where, on or after this date,
premiums payable are increased by £25 per month or more, or
additional benefits are allocated as a result of an additional
single premium (other than a single premium received from the
Contributions Agency). These are basic requirements of membership
but they do not necessarily confer membership as there are various
exceptions included in the Rules of the Society. Holders of
Industrial Assurance policies are not members of the Society.
Holders of policies which have been transferred to the Society
under Schedule 2C of the Insurance Companies Act 1982 are also not
members. For policies issued after 28 April 2000, a qualifying
policy requires to have been in force for two years before
membership is conferred unless the new policy was issued within a
period of not more than one month after the date of cessation of
another qualifying policy.
Any policy issued by the Society to the Trustees in respect of
annuity business effected within the Society of Trustees of an
occupational pension scheme to secure all or part of the accrued
rights of 100 or more members of that scheme in a single
transaction shall not confer any rights of membership in the
Society nor shall any policy issued subsequently by the Society to
the individual members of that scheme under that arrangement.
Any person who is an employee of the Society and makes
additional voluntary contributions after 1 May 2006 for pension
entitlements under the Wesleyan Assurance Society Group AVC Policy
shall forthwith be a members of the Society, even though no
qualifying policy is issued direct to such a person and the
trustees of such a scheme shall not be a members of the
Society.
Members are not liable for any debts or sums of money due or to
become due by the Society, apart from policy premiums and/or as
separately contracted.
Documents:
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