About Sheffield Mutual / general questions
Friendly societies (also referred to as mutual societies) have been around in the UK for hundreds of years, the societies were originally set up as a way of allowing people to put all their money in one pot in order to receive benefits in times of ill health or old age before the welfare state.
Nowadays, these societies offer similar services as banks or insurance companies. But the main difference is that the profits generated by these societies don't go to shareholders (an owner of shares in a company), they are retained for the benefit of the policyholders. Mutuals put their members best interests first and generally provide a faster and more efficient personal service than the larger banks.
First and foremost, we are owned and run solely for the benefit of our customers (referred to as members). Any surplus profits are returned to our members and not for the benefit of any external shareholders.
Most of our products are with-profits policies, which means the policyholders share in the profits of the Society through the distribution of annual and final bonuses. With-profit funds are typically invested in a mixture of equities, property and fixed income investments. Our with-profits fund provides a low to medium risk investment, appealing to individuals with a more cautious approach to investing. You can find out more here>
If you’re having trouble narrowing down your possible options, try our product selector tool, which will ask you a few quick questions to help you narrow down your options and will suggest products that match your criteria. Try the product selector here>
To withdraw funds from your ISA we require a completed ISA withdrawal form, you can find this on our help & support page. This can be posted to our office or scanned/photographed and emailed to firstname.lastname@example.org. If you do not have an ISA withdrawal form, we can accept a written request to withdraw the funds provided it contains all the required information and a signature.
Our standard transfers take three working days to credit your account. If you require funds more urgently, we can perform a same day transfer which incurs a charge of £3. The charge is deducted from your policy unless otherwise specified. Just let us know on the form/letter if you would like a faster payment.
We require a completed surrender instruction form along with the original policy schedule where possible, in the event that the policy schedule has been lost there is a ‘lost policy document declaration’ on the surrender instruction form that can be completed in its place. When surrendering your plan before the end of the term there is a chance you will receive back less than paid in. You can download a surrender form here.
Approximately two months before your plan is due to mature, we will contact you to explain the process and discuss your options. In this pack, you will receive a maturity instruction form to complete and return along with the original policy schedule. In the event the policy schedule has been lost there is a ‘lost policy document declaration’ on the maturity instruction form that can be completed in its place.
ISA top up payments can be made either by cheque, bank transfer using our bank details or you can contact our office and we can take a debit card payment over the phone. Please ensure to provide the policy number with any method of payment.
Please contact us with the policyholder’s name, date of death and policy number. From here, we will explain what happens next and assist in the claim process.
If you have changed your bank details or wish to continue payments from a different account, we require a new direct debit mandate which can be found on our help & support page. We can accept a scanned or photographed mandate by email or post. If you would prefer a mandate to be posted out to you, please contact our office.
You can download a new DD mandate here.
We have two potential direct debit collection dates, they are the 15th of each month or the last day of each month, payment will be taken on or around this date every month. You can change between these two dates by simply contacting our office by email to email@example.com or call us on 01226 741000.
If you can provide us with either the original documentation or a certified copy, we can update the policies held by the member for whom you are a deputy or have Power of Attorney. Once this is on record, you can manage said member's policy(s) as you see fit and we can provide you with information on their investments.
Existing member questions
When you open a policy with us, you will automatically become a member (customer) of the Society (adult policyholders only). As well as being able to have your say on how the Society is run each year, you will also have access to various discretionary benefits when available, such as optical and dental grants, as well as exclusive access to a range of discounts and offers. Find out more here.
Yes, you can! By registering for an account you can keep track and refer to any quotes or applications that you do as well as receiving our quarterly e-newsletter that will keep you up to date with all that’s going on at Sheffield Mutual. Please note, your online account will only show new quotes from the point of registration.
We invest in a range of different assets with the aim of providing a higher return in the medium to long-term than is achievable with a bank or building society account. Sheffield Mutual's with-profits fund is managed to provide a low to medium risk investment, appealing to anyone with a more cautious approach to investment. Our investments include property, shares of UK companies, government gilts, corporate bonds, commercial mortgages and cash.
The proportion held in each of these will vary depending on market conditions. You'll be pleased to know that we seek to adopt an ethical approach to investing and it is our policy not to invest knowingly or directly in industries relating to armaments, tobacco, gambling or pornography.
Currently, you cannot view your existing policies in your online account. If you require any information, including the current value of your policies, please call our office. Viewing your policies online is something we are working on in the background – stay tuned!
If you have recently moved address you can either complete our change of address form that can be found on our Help & Support page or you can call our office on 01226 741 000.
Of course, you can change your contact preferences at any time from your online account.
Alternatively, you can also update your contact preferences at any time by phone, email or in writing addressed to
Sheffield Mutual Friendly Society,
3 Maple Park,