As of 31 December 2012, the Provident Fund closed to new applications.
New and existing members are invited to join the Retirement Savings Plan and Life Cover Schemes which replaced the Provident Fund as from 1 January 2013.Important - Existing Members of the Provident Fund
The fund will continue to be administered for existing members who wish to continue their investment.Retirement Savings Plan
The Retirement Savings Plan makes a tax-free capital payment on retirement at age 68. The Plan is open to members and their partners. Members and their partners can each hold a maximum of six units at 75p per unit per week. A policy fee of 25p is applicable on the first unit taken out by the member.
An illustration of the guaranteed sums repaid at retirement is shown below:
Age at Membership 1 Unit 6 Units
40 years £1,750 £10,500
50 years £1,000 £6,000
55 years £700 £4,200
58 years £550 £3,300
In the event of death during the first two years’ membership, a refund of 75% of contributions shall be made, thereafter a return of total contributions paid to date or the surrender value, whichever higher, will be made.Claiming Benefit
Send letter confirming retirement and the date of the last day of employment to the BEFS Head Office, either directly or via your steward.
The Life Cover Plan is an addition to the Retirement Savings Plan which pays out a tax-free lump sum on death before the age of 68. The Life Cover Plan is only open to members who have already taken out a Savings Plan and costs an additional £1 per week.
An illustration of the sums assured payable on death is shown below:
Age at Membership 1 Unit
40 years £5,000
50 years £3,500
55 years £2,750
58 years £2,350
In the event of death during the first two years’ membership, a refund of 75% of contributions shall be made.
To find out more, go to the Association of Financial Mutuals website.
Send letter attaching certified copies of the birth certificate and death certificate (and marriage certificate where applicable) to the BEFS Head Office, either directly or via your steward.
Mr B - Medical Retirement Private MemberMr B retired for medical reasons at age 64 after 42 years of membership. He received a lump sum payment from the Provident Fund of £800.20 in return for total contributions paid of £318.28 He had also claimed £488.10 in sickness benefits during his membership, having paid in contributions of £980.89 to the Sick Fund,receiving £246.40 refund
Total pay out of £1046.60
Mr W NorthfleetMr W retired at 65 after 30 0years of membership of the Society. He received a lump sum payment from the Provident Fund of £765.00 in return for total contributions paid of £312.80 In addition, as a result of his good sickness record (he had claimed just £40.00 in sickness benefits during his membership), he received a partial refund of his contributions to the Sick Fund amounting to £437.65
A total payout of £1,202.65
Mr S- Medical RetirementAlthough Mr S has only been a member of the Society for 8years, he has unfortunately suffered with ill health on a regular basis, and received a total of £735.50 from the Sick Fund in return for total contributions of £302.40 On being medically retired he also received a payment of £215.00 from the Provident Fund having paid £77.60 in contrbutions
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