Saver & Disability
Railway Enginemen's Assurance Society offers you the peace of mind and financial security should you be permanently removed from your duties because of a disability. Upon maturity the policy pays out a lump sum; or provides a payment on becoming permanently disabled (conditions apply); or provides a payment in the event of your death.
The Saver and Disability plan is a long-term saving plan that is an affordable way to save with no additional tax liability — giving you peace of mind that there is a lump sum put aside for a rainy day or in the unfortunate event that you are unable work through a permanent disability.
This policy is only available to railway employees with a Personal Track Safety (PTS) number.
Deducted from payroll
Always speak to the same person
Simple to join online now
No additional tax liability savings
150 year history
Examples of performance for sample policies maturing after 1 June 2021 for a £5 weekly premium based on age 35 at entry:
10 year policy taken out in 2011
with maturity payout of
£2,740 15 year policy taken out in 2006
with maturity payout of £4,702
20 year policy taken out in 2001
with maturity payout of £7,316
25 year policy taken out in 1996
with maturity payout of £11,081
Past performance is not an indicator of future returns.
How does it work?
It’s simple... To join the Saver and Disability Plan all you need to do is commit to save for a minimum of 10 years. We can deduct your savings contribution directly from pay, and the more you save, the more you could receive when your savings plan matures.
Each member of the saver and disability plan will be allocated a Guaranteed Sum Assured. This is the minimum amount you will get back when your savings plan matures, or earlier in the event of disability or death.
Why is it tax-free?
Tax-exempt policies from Railway Enginemen’s Assurance Society enjoy a special tax status afforded to members of Friendly Societies under current Government legislation.
So, if you save no more than £5 per week, for a minimum of 10 years, the Society is not liable to suffer tax on the capital gain or investment income arising from the Saver and Disability Plan, with the exception of tax deducted from dividends on shares.
What happens to the profits?
We share them out... In return for becoming a Saver and Disability Plan policyholder, you will automatically receive a share in the profits of the Railway Enginemen’s Assurance Society. Each year a Reversionary Bonus may be added to the Guaranteed Sum Assured – once added this bonus can’t be taken away.
Will I need life cover for the policy?
It’s included... As a Saver and Disability Plan policyholder you will receive built in life cover with your policy. In the event that you die during the agreed savings term, the Guaranteed Sum Assured or the value or the policy, whichever is the greater amount, will become payable.
Need more information?
If you still have questions about the plan then we’ve put together a useful list of FAQs.
Otherwise, please feel free to get in touch with our Customer Service team who will be happy to answer any questions you have or to run through the application with you.
You can call us any time between 9am to 5pm Monday to Thursday or 9am to 4pm on a Friday.