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Flexible Savings Plan

Key features:

  • Make regular and one-off payments
  • Choice of 17 investment funds, including our With Profits fund
  • Switch between funds
  • The plan pays a cash sum when a person(s) covered by it dies
  • Online access to your plan via My Wesleyan
  • Initial and ongoing charges apply
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Please remember the value of investments and any income can go down as well as up and you may get back less than you invest.

Summary

A savings plan with the flexibility to change payments


We're all told that saving is a good habit, but we understand that you want to be flexible with your money. That's why, our easy to manage Flexible Savings Plan  allows you to make regular and one-off payments to suit your needs.

You pay in at least £100 or more each month with the option to increase or reduce payments by £10 or more (as long as you keep paying the minimum of £100 per month). You can also make lump sum payments of £500 or more.   You can take out £500 or more whenever you want to, as long as you leave at least £500 invested in the plan. This is a savings plan with no fixed term, but we recommend you save for at least five years.

You can invest your money in up to 12 investment funds at any time, from a choice of 17 funds including our With Profits fund. You can also move into one or more different funds at any time, up to 12 times a year. Your Financial Consultant can help you choose the funds that are most suitable for your investment needs. You can find details about the available funds in our fund fact sheets.

Initial and ongoing charges

There is an initial charge of up to 3% of each payment you make. This includes the cost of any initial advice provided by Wesleyan Financial Services.

There is also an Annual Management Charge (AMC), which is a percentage of how much your plan is worth each year. The amount of AMC depends on the fund or funds that you invest in.

We may also charge you for switching your money between different funds.

More details about the charges are shown in our fund factsheets and Key Features Document.

Important information

You can take out a Flexible Savings Plan if you're aged 18 or over and are a UK resident for tax purposes.

You can set up the plan so you own it on your own or jointly with someone else. The maximum age for taking out a plan is 74 but if you take the plan out jointly, only one of you needs to be 74 or under. If you die, or if the plan's held jointly, both of the people covered by the plan die, we'll pay out a lump sum of 101% of the plan's value. 

Trust

You can arrange for your plan to be held in trust. Trusts can provide a way of making sure your plan is dealt with in line with your wishes if you die, and can help to reduce the amount of tax which needs to be paid in certain circumstances.

Taxation

Please refer to the 'What about tax?' section in the Key Features document for a summary how tax applies to the plan based on how we currently understand the rules.

Key Document
Please read the Key Features document for the Flexible Savings Plan for important information about this product.

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'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Syscap Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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