Member benefits

Our members have been our number one priority since 1892 and we aren’t about to change that now. As well as our members benefitting from being part of a mutual organisation, where all surplus profits go back to members not shareholders, they also have access to a whole host of other benefits.

Tell-a-friend about us and earn up to £75 each...

By recommending a friend or family member to us, both you and your friend will receive a gift card worth up to £75 after your friend’s policy starts.

There’s no limit to the number of friends or family members you can recommend and if they require advice, your friend’s policy can be arranged through them seeking help from a financial adviser.

To recommend a friend to us, register for an account here.

Optical & dental benefits

In 2024, we reviewed the take up of both our BenefitHub and optical/dental benefits and asked for feedback from our members via the Members’ Forum.

We listened to the feedback and have made the following changes:

1.  To enhance the discretionary grants, we offer for both optical and dental treatment, and provide an annual benefit, rather than every two years.

2.  To close the BenefitHub with immediate effect based on overall cost, member usage and feedback.

From 2025 you will now have a ‘benefit pot’ of up to £50 per member, per year, depending on the calculated value of your policy. If you have more than one policy with us, your pot will be calculated on the value of your combined policies. You will become eligible to claim once your policy has passed its first anniversary; if you have already been a member with us for more than 12 months you are already eligible to claim.

How to work out your calculated value

For ISAs, JISAs and Income Bonds - the 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 - this figure 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 give us a call to check your entitlement.

Calculated value

Amount available in benefit pot to be claimed annually

Less than £1,000

= £10

Between £1,000 - £3,000

= £25

£3,000+

= £50

You can make multiple claims per year up to your total ‘benefit pot’ and your pot renews every year on 1st January.

If you have already made a claim in 2025, this will be deducted from your new allowance, and you may make additional claims up to your new total, before it refreshes next year. Dental benefits include check-ups and treatment. Optical benefits include eyesight tests, glasses, contact lenses and prescription sunglasses.

You’ll need to contact us before you make a claim, as these benefits are discretionary and, therefore, could be withdrawn or amended at any time and qualifying policies must still be in force at the time of the claim.

The minimum amount per claim is £10 and you will need to send a copy or photo of your practice receipt(s), which should be dated within the current year (Jan-Dec). You can send multiple receipts per claim to ensure it meets the minimum claim amount.

Please note the practice receipt must include the name and address of your dentist/optician and show the name of our member. 

We also now offer you the opportunity to request that any benefit you claim, be added to your Sheffield Mutual ISA (up to your ISA allowance of £20,000), or donate it to our Charity of the Year which for 2025 is Sheffield Mind.

Enhanced guaranteed amount on reinvestments...

We will offer an enhanced final amount of 106% (normally 105%) on all maturing Tax Exempt Savings Plans and Regular Savings Plans reinvested into our Investment Bond.

"A friendly efficient professional organisation. I've got numerous policies with Sheffield and so have all my family members. Would recommend without hesitation."

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