Regular Premium Investment ISA

Yes subscriptions can be transferred freely between cash, stocks and shares and innovative finance ISAs.

You can transfer some or all of the money saved in previous tax years with another provider to us, up to £150,000 per calendar year, without affecting your current annual ISA investment allowance.

If you want to transfer an ISA to us saved in the current tax year, you would need to transfer the whole amount saved. Any money that is transferred in the current tax year will be treated as if it has been directly invested into our Investment ISA in that tax year.

Transfers from previous tax years will be held in a separate ISA transfer policy from any current tax year subscriptions.

You will then be able to save up to the full remaining balance of the allowance for that tax year, or you may within the overall limit subscribe to a cash ISA later in the current tax year without breaking the ISA rules. Transfers from previous tax years will be held in a separate ISA transfer policy from any current tax year subscriptions.

If you already have an ISA transfer policy with Sheffield Mutual, you can choose whether to ‘top-up’ your existing policy or open a new one.

Yes, providing you don’t exceed the maximum annual allowance you can add to your ISA at any time during the tax year. If you are not paying in every month by direct debit, the minimum additional investment is £100.

In future tax years you can top up your existing Sheffield Mutual policy or you may, if you prefer, open a new policy for each tax year. Having separate policies may provide you with greater flexibility in the future. For example, if you have separate policies for each tax year and you want to start withdrawing funds, you could perhaps surrender one of the older tax-year policies to crystalise the annual bonuses and receive any possible final bonus.

Yes, the current maximum allowance is £20,000 or £1,666 per month for the tax year which runs from 6 April to 5 April. The minimum you can invest in the Sheffield Mutual Investment ISA is £30 per month or a single initial lump sum of £300. However, if you save any part of your annual allowance in a cash ISA, an innovative finance ISA or lifetime ISA with another provider, this should be deducted from the overall limit.

Depending upon the performance of its investments, Sheffield Mutual will declare a bonus rate annually and this will be applied to your policy for the tax-year. The amount of bonus credited will depend upon how much you have saved and for how long. Bonuses, when declared, are calculated daily (after deducting charges) and added to your policy monthly, net of charges, on a compound basis. You will receive a statement during April notifying you of the amount of bonus and the current value of your policy. There is also the possibility of a final (terminal) bonus on closure of the ISA. Bonuses are not guaranteed.

You will receive an annual statement each year (usually in April) notifying you of the amount of bonus and the current value of your policy.

Yes, you can stop or vary your payments during a tax year. However, if you do not make a payment in the whole of a tax year, and you want to start paying in again the following year, you will have to make a new application or complete a 'top-up' application form.

If you stop paying monthly subscriptions, the policy will continue. However, in the first 12 months, you need to maintain a minimum premium of at least £30 per month for the policy to remain open, unless any other lump sums are added to take the capital invested to over £300.

There is no specific term, but to take full advantage, investing in this type of policy should be viewed on a medium to long-term basis.

Yes, you can subscribe to a maximum of one stocks & shares ISA, one cash ISA, one innovative finance ISA and one lifetime ISA each tax year with either the same or a different provider. For the current tax year, each adult has an annual ISA investment allowance of £20,000, which you can split as you choose between the ISAs mentioned above, and, if you are between the ages of 18 – 40, a lifetime ISA (up to £4,000).

Under current legislation, which may change in the future, your returns will be completely free of income or capital gains tax and do not need to be declared on your tax return. ISAs are available to people who are resident in the UK for tax purposes. 

Anyone over the age of 18 who is also a resident in the UK or, if not, performing duties as a Crown employee serving overseas and paid out of the public revenue of the United Kingdom, in a civil partnership or married to such a person. You cannot pay into a stocks & shares ISA with more than one provider in a single tax year.

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.

Unlike stocks & shares ISAs that are invested directly in shares or in a share-tracking index, the money you invest in our Investment ISA will not normally fluctuate from day to day. However, should you wish to close, transfer or withdraw funds from your ISA during adverse investment conditions, the Society may apply a Market Value Reduction to the policy fund, which could, in some circumstances, result in you receiving back less than you have paid in. Therefore the amount you will receive on repayment is not guaranteed.

On early death, we will pay the policy value plus 1% at the date of death to either your personal representative(s) or to your estate. Bonuses will be credited tax-free until the date of death. Your spouse or civil partner will be able to pay into an ISA in their own name an amount equivalent to the proceeds of your ISA at the date of death, in addition to their own ISA allowance.

No, this plan does not include any life cover. However, we do offer plans that include life cover. Please visit the life insurance section on our website.  

When you open a policy with us, you will automatically become a member 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.

Need some further assistance? Our team would be more than happy to provide you with factual information about our products and services, so you can make your own decision about how to proceed. However, we are unable to give any advice or recommendations on the suitability of our products. If you are unsure, you should seek advice from a qualified financial adviser, which may incur a fee.

To comply with regulations, the Society will require confirmation of your identification and address. We’ll aim to do this using an electronic verification system, but reserve the right to ask for appropriate documentation from you, if this is not possible.

An amount we will add to your policy linked to how well the with-profits fund has performed. These can be annual bonuses or a final bonus, added when your ISA is closed or transferred.

A tax-free deposit account which earns interest. Although less risky and more certain than a Stocks & Shares ISA, the returns may be relatively modest over the longer term.

Income from shares paid by companies to shareholders.

An ISA qualifying investment relating to peer to peer loans. These are not currently covered by the Financial Services Compensation Scheme.

An ISA for people between the ages of 18 and 40, designed to save for a first home and retirement.

An adjustment made to the amount we pay out, should your policy fund be worth more than your fair share of the with-profits fund. This would only normally happen during adverse market conditions to protect members who remain invested in the fund. 

The value of the amount paid in (less any withdrawals) plus any bonuses added to your ISA.

A tax-free wrapper for investments other than cash deposits.

The name given to a type of fund which normally contains a mix of assets and shares the profits or losses with the policyholders. Returns are ‘smoothed’ whereby some profit is held back in good years to maintain returns in less positive investment years.