KEY FEATURES

PART I - IMPORTANT INFORMATION

ITS AIMS
(a) To provide a straightforward way of investing a monthly or annual amount to build a lump sum with low risk.
(b) To provide proceeds that are paid tax-free.
(c) To add bonuses to your investment
(d) To give you the option to vary your contributions (subject to ISA limits) if your circumstances change.

YOUR COMMITMENT
(a) To pay a regular monthly premium between £30 and £600 or single premiums with a minimum initial investment of £300 an subsequent additions of no less than £100 up to a maximum investment of £7200 in any one tax year.
(b) While you can withdraw your investment, it should be seen as a medium to long-term policy.
(c) By investing in a Sheffield Mutual Stocks and Shares ISA you will not be able to start a Stocks and Shares ISA with another provider during the same tax year.

RISK FACTORS
(a) Future bonuses are not guaranteed and will depend on the performance of the investment fund.
(b) Your circumstances may change, forcing you to cash in early and you may not get back as much as you have paid in.
(c) A Market Value Reduction may be applied if you withdraw early and the investment returns are less than the profits already added.
(d) The current tax status of ISA’s may change in the future.

IS THERE A TAX LIABILITY?
One of the benefits of an ISA is that all the money you receive from it will be completely free of tax and where applicable does not need to be entered on your tax return. Investment income (except the tax credit on divided income which cannot be reclaimed) and the Capital Gains made to the fund are currently tax-free, but this information is based on current legislation, which may vary in the future.

HOW WILL IT WORK FOR ME?
Accompanying this document you will find an illustration, which shows how the ISA might benefit you. If you require a specific illustration please contact us.

FURTHER INFORMATION

CANCELLATION RIGHTS
After your proposal is accepted you will receive a notice of your right to cancel. You will then have 30 days in which to change your mind.

LAW
All or any of the benefits, premiums or policy conditions may be adjusted in the event that
• There is a change in law or taxation affecting the policy
• Any levy is imposed on the Society under statute or statutory authority
• There is an amendment to general legislation

In legal disputes the Law of England and Wales will apply.

MARKET VALUE REDUCTION
This could reduce the amount we pay out if the policy is cashed in before death. Its purpose is to ensure that you receive your fair share of our investment profits, and when investment conditions are adverse that people who cash in do not reduce the value of the fund for those who continue to invest.

QUERIES AND COMPLAINTS
For further information or if you wish to complain about any aspect of the service you have received, please contact the Chief Executive at the Society. If a complaint is not dealt with to your satisfaction you can then complain to the Financial Services Ombudsman, South Quay Plaza, 183 Marsh Wall, London E14 9SR, or telephone: 020 7964 1000. Making a complaint will not prejudice your right to take legal proceedings.

COMPENSATION
Information on compensation arrangements is available from the Society on request.

THE SHEFFIELD MUTUAL FRIENDLY SOCIETY
The Society was founded in 1892. Total assets exceed £15 million and there are more than 5000 members.