Saver Plan

Build up a valuable lump sum with no additional tax liability

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Saver Plan

Offers you the chance to build up a valuable lump sum with no additional tax liability. It allows you to save long-term, perhaps for a deposit on a house, special holiday, new car or for a lump sum to put aside for a rainy day.

The plan is available to you, your spouse or partner. Upon maturity the policy provides a lump sum or provides a payment in the event of death.

By taking out a spouse policy, not only are you saving for a lump sum upon maturity, you are also insuring your partner's life for the duration of the policy.

  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 £2,786

15 year policy taken out in 2006
with maturity payout of £4,831

20 year policy taken out in 2001
with maturity payout of £7,613

25 year policy taken out in 1996
with maturity payout of £11,767

Past performance is not an indicator of future returns.


How does it work?

It’s simple...To join the Saver Plan all you need to do is commit to save for a minimum of 10 years. We can deduct your savings contribution directly from your pay, and the more you save, the more you could receive when your savings plan matures.Each member of the saver 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 death.

Why is it tax-free?

Because it has a special tax status for Friendly Societies 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 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 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 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 of 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.

Telephone: 0800 328 9140

You can call us any time between 9am to 5pm Monday to Thursday or 9am to 4pm on a Friday.

Ready to get started?

Before you start your application, please make sure that you have read and understand the following documents:

  Key Information Document

  Sums Assured

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Investment Bond

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Children’s Saver Plan

Offers you a chance to build up a valuable lump sum with no additional tax liability for your children in an affordable way. The plan is flexible so you can decide if you would like the savings to mature after 10 years, or when your children reach either 16, 18, 21 or 25 years of age.

The Children’s Saver Plan gives you the opportunity to benefit from savings with no additional tax liability — perhaps for your child’s further education, their first car, their wedding, or just the comfort of knowing that there is a guaranteed nest egg for them at the end of the savings term.

Apply online now

Saver & Disability Plan

Railway Enginemen’s Assurance Society offers your the peace of mind and financial security should you be permanently removed from your duties because of a disability. This is also combined with a lump sum at the end of the saving plan with no additional tax liability, or earlier in the event of 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 unfortable event that you are unable work through a permanent disability.

Apply online now