Regular Premium Sustainable ISA

Yes, you can subscribe, subject to the limits, to multiple stocks & shares ISAs, cash ISAs, innovative finance ISAs and lifetime ISAs each tax year, either with the same or a different provider. Sheffield Mutual offers two funds in which to invest an ISA; a unit-linked and a with-profits fund, both of these are classed as stocks & shares ISAs.

For the current tax year, each adult has an annual ISA investment allowance of £20,000, which you can split as you choose between a stocks & shares ISA, a cash ISA, an innovative finance ISA and, if you are between the ages of 18 and 40, a lifetime ISA. 

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 amount you can invest in the Sustainable ISA is £10 per month or a single initial lump sum of £100. However, if you have contributed to another stocks & shares ISA, cash ISA, innovative finance ISA or lifetime ISA with us or another provider in the current tax year, this should be deducted from the overall limit.

The Sustainable ISA operates on the next quoted unit price for all transactions, which means that it may take up to 10 working days for any investments in or out of the fund to be bought or sold. The unit price you see at the point of application, withdrawal or surrender may differ from the purchase or sale unit price.

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 every month by Direct Debit, the minimum additional investment is £100, this can take up to 10 working days to be processed. Call us on 01226 741 000 to make your payment by debit card over the phone, or you can make a payment directly into our bank account (please see the ‘Help & Support’ page on our website for account details). You can also send us a cheque payable to Sheffield Mutual.

Our Sustainable ISA is a medium to high risk product. Please ensure you are comfortable with this level of risk before you invest in this policy.
The investment fund invests in companies and other funds which aim to have a positive outcome. Your money will be invested in a fund of funds (multiple individual funds within one overall fund), this means that Sheffield Mutual can adopt various approaches to investment and sustainability outcomes. Having a more diversified strategy is likely to achieve consistent returns.

Sheffield Mutual’s Sustainable Fund contains approximately 15 individual building blocks, all with a slightly different focus. The Sustainable Fund is net zero aligned and signed up to follow the Principles for Responsible Investment (PRI).

Our Sustainable Fund lets you invest in a highly diversified investment, with strong Environmental, Social and Governance (ESG) characteristics, spreading the risk across different asset classes, such as equities, bonds and cash. If one investment performs poorly, then you still have the others to fall back on. Active management within the fund generates additional returns through individual manager selection and adjusting the asset mix to suit market conditions. As different asset classes perform well at different points in time, investing in a range of asset classes can help limit the degree to which the value of your investment fluctuates. However, please be aware that even a well diversified fund can fall in value, and you may get back less than you invest.

Yes, you can stop, start, or vary your payments at any time during a tax year.

You can transfer your ISA into our with-profits Investment ISA, or to an ISA of the same or a different type with another provider.

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 (a minimum of five years).

When the policy is opened or additional money is added to it, you will be allocated units based upon the next available unit price. For example, if you invested £250 and the unit price was £1 you would be allocated 250 units. The unit price will then change each week and the value of your investments will go up or down, depending on the performance of the overall fund.

All United Nations Member States adopted the 17 Sustainable Development Goals (SDGs) of the 2030 Agenda for Sustainable Development.

Through these goals countries are mobilising efforts to achieve a more sustainable future for all through targets such as to end all forms of poverty, fight inequalities and tackle climate change.

For more information, please visit the United Nations website: sdgs.un.org.

Yes, you can cancel at any time, and if you do so within 30 days of your ISA’s start date, you will receive a refund of your payments subject to a deduction/increase of the amount (if any) by which the value of your investment has fallen/risen at the time when your Cancellation Form is received and processed by the team. This can take up to 10 working days.

If you cancel outside the 30-day cancellation period, your cancelled subscription counts as a subscription to an ISA in the same tax year.

Yes you can transfer some or all of the money saved in current or previous tax years from your Investment ISA to the Sustainable ISA.

To transfer to the Sustainable ISA, we would need to buy units, which may take up to 10 working days. Because this is a unit-linked product, the unit price may go up or down between Sheffield Mutual receiving your transfer request and the sale of your units being completed.

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 an ISA with Sheffield Mutual, up to £150,000 per calendar year, without affecting your annual ISA investment allowance.

You can also transfer all of the money saved in the current tax year with another provider to an ISA. These transfers must be the whole amount saved in that tax year up to the day of transfer. Where money saved in the current tax year is transferred, it will be treated as if it has been invested directly into the receiving ISA in that tax year. From 6 April 2024, you will be able to transfer all or part of the money saved in the current tax year to another provider.

To transfer your Sustainable ISA, Sheffield Mutual would need to sell your units and transfer the amount to the new ISA provider, this may take up to 10 working days (the full ISA transfer can take up to 30 days). Because this is a unit-linked ISA, the unit price may go up or down between Sheffield Mutual receiving your transfer request and the sale of your units being completed, meaning your final investment may go up or down.

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 another ISA later in the current tax year.

If you already have a Sustainable ISA transfer policy with Sheffield Mutual, you can choose whether to ‘top-up’ your existing policy or open a new one. See ‘Can I add to my ISA?’ section for further information.

On death, we will pay the policy value at your date of death plus 1% to either your personal representative(s) or to your estate. The value of your ISA will be credited tax-free up to the date of death.

When you open a policy with us, you will automatically become a member of Sheffield Mutual. 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, such as optical and dental grants, as well as exclusive access to a range of discounts and offers. Unit-linked members will not participate in the distribution of surplus profits achieved by the with-profits fund.

Our friendly and knowledgeable team will be happy to provide you with factual information about the Society’s products and services, so you can make your own choice about how to proceed. No advice or recommendations will be given and if you are in any doubt about the suitability of a product, you should seek advice from a suitably qualified financial adviser, which may incur a fee.

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.

Stands for Environmental, Social, and Governance. Investors are increasingly applying these non-financial factors as part of their analysis process to identify material risks and growth opportunities.

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.

A portfolio is a collection of financial investments like stocks, bonds, commodities, cash and cash equivalents.

A group of goals that universally apply to all, countries are mobilising efforts to end all forms of poverty, fight inequalities and tackle climate change.

Sustainable investing balances traditional investing with environmental, social, and governance-related (ESG) insights to improve long-term outcomes. In many ways, sustainable investing can be seen as part of the evolution of investing.

A unit-linked fund pools your money and the money of other investors. It uses this money to invest in a wide range of assets that you might not have been able to invest in on your own. Each fund is divided into units of equal value and your money is used to buy these units.

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