Member benefits

We have recently refined our optical, hearing, and dental benefits system, making it easier than ever to claim your member benefits with Sheffield Mutual.

After listening to our members’ feedback, we now provide an annual entitlement of up to £50 per member, depending on the calculated value of your policy, that can be used with a wide range of dentists, opticians, and audiologists, helping our members stay happy and healthy for years to come.

Our optical, hearing, and dental benefits are available to customers after their first anniversary. Alternatively, if you have already been a member of Sheffield Mutual for more than 12 months, you are already eligible to claim.

If you have more than one policy with Sheffield Mutual, your entitlement will be calculated based on the combined value of your policies.

How to work out your calculated value

For customers with ISAs, JISAs and Income Bonds, your benefit is based on your current balance (investments minus any withdrawals). For Fixed Bonds, it is based on your maturity value.

For all other policy types, your benefit entitlement is based on your ‘sum assured’ (minimum guaranteed return), not the amount you have paid in so far. This figure is available on your policy schedule, or you can contact us to check your entitlement.

You can make multiple benefit claims each year, and your benefits allowance refreshes on January 1st. Included within your benefits are:

• Optical: Optical benefits include eye tests, glasses, contact lenses, and prescription sunglasses.

• Hearing: For hearing benefits, Sheffield Mutual will consider any request accompanied by an appropriate audiologist's receipt.

• Dental: Dental benefits include regular checkups and dental treatments.

How to claim a benefit

When it comes to claiming your optical, hearing, or dental benefits, you must submit either a copy or a photograph of your practice receipt. The minimum claim value is £10, but you can submit multiple receipts to meet it.

To make a claim, the practice receipt must include your dentist/optician/audiologist's name and address and show our member's name.

Other ways to claim

In addition to cash benefits, we now offer several options to streamline the benefits process for our customers.

Sheffield Mutual now allows its members to claim the value of their benefit and have this added directly to their Sheffield Mutual ISA (up to the annual value of £20,000). Alternatively, members can also have their benefit claims donated to Sheffield Mutual’s charity of the year, which is Sheffield Mind for 2025.

At Sheffield Mutual, we’re excited to share our member benefits with as many people as possible.

That’s why we’re offering a gift card worth up to £75 for you and your friend to enjoy, delivered after your friend’s policy starts.

Even better, there’s no limit to how many friends or family members you can refer, allowing everyone you know to benefit from becoming a member of Sheffield Mutual.

Simply register for an account and begin referring friends and family to receive a gift card, and start sharing your member benefits with the people you love the most.

Alternatively, if you haven’t yet registered for an account, your friend can simply quote your name when applying and start enjoying the benefits of being a member of Sheffield Mutual.

At Sheffield Mutual, we want our members to make the most of their investments and savings.

That’s why we offer an enhanced final amount of 106% (typically 105%) on all maturing Tax Exempt Savings Plans and Regular Savings Plans that are reinvested into our Investment Bond.

*These benefits are not regulated by the Financial Conduct Authority and the Prudential Regulation Authority.