What are Friendly Societies?
Friendly Societies have been around for hundreds of years and grew from the simple idea that if a group of people regularly contributed money to a mutual fund, then they could receive benefits at times of need.

Early meetings were often held as social gatherings when the subscriptions would be paid.

The Government acknowledged the role of Friendly Societies and membership was encouraged. The act of 1875 called for a system of auditing and registration. People joined Friendly Societies in large numbers and they could be found in small villages and large towns alike; indeed by the late 1800's there was in the order of 27,000 registered Friendly Societies.

Before the advent of the Welfare State they were often the only means available to a working person to receive help in times of ill health, unemployment or old age.

Today there are approximately 200 Friendly Societies. Many have remained locally based, while others have grown into national organisations, offering sophisticated financial services and products to their members.

Why should I save with Sheffield Mutual?
The Society has been providing savings and protection policies to its members since 1892, and as our members and not shareholders own us, any surplus funds are used for their benefit. In addition, as a Friendly Society we are able to offer special plans that allow you to invest in tax exempt funds* and receive tax free money on maturity**.

How many members does Sheffield Mutual have?
The idea of mutuality appeals to growing numbers of people. Excesses of City fat cats have led many small savers to look to invest their hard earned cash into a Mutual Society - which they own along with thousands of people just like themselves. Presently we have in excess of 5000 members with impressive growth rates year on year.

How will my money be invested?
All our investments are ethical. We have enjoyed consistently, excellent product performance ratings over the past 15 years – compare our bonus rates with other financial organisations.

Am I guaranteed a return?
On many of our products you are – providing you comply with the simple, straight forward requirements of the particular policy or plan. These requirements are clearly explained in our application pack.

What other services do members receive?
We like to keep things simple. Our members seek a safe home for their investments, prudent management and a good return on their hard earned cash – and that’s what we provide. We offer a very high standard of service – call Sheffield Mutual and you will always talk to another friendly person – we will never leave you floundering around in the clutches of a computer or an impersonal automated telephone system.

* With the exception of the tax credit on dividends, which can no longer be reclaimed.
** Based on the Society's understanding of current legislation and Inland Revenue practice, which may be subject to change.