We have answered below some of the most frequently asked questions about the Society’s savings plans.
If you can’t find what you need to know here then please get in touch with us.
Q. Why should I choose to put my money with Railway Enginemen’s Assurance Society?
A. For a number of reasons:
- We guarantee your sum assured and we endeavour to declare annual bonuses, which when added cannot be taken away.
- You will always be able to speak to the same person more than once. We offer a personal service to each of our members; we do not have call centres
- Our small team is 100% committed, with a quality of service to match.
Q. How much can I invest with the Society?
A. How much do you want to invest? Our minimum joining contribution is £5.00 per week but many of our members take out one or two policies each year. That way, once the policies begin to mature you receive a lump sum each year for whatever you have planned for — annual holidays perhaps or just to pay for Christmas and birthdays.
Q. How do I pay my contributions?
A. By paybill deduction or direct debit.
Q. Can I take a policy for my Child and/or my Partner?
A. Yes. We offer Children's policies with a minimum 10-year term that can mature when your child reaches age 16, 18, 21 or 25 years of age. Alternatively you can choose the 10-year term. Partner policies are available as well and, remember, these contributions will also be deducted through your paybills.
Q. Will my maturity payment be tax-free?
A. Providing your policy runs to its maturity you will not pay any additional tax liability on your investment.
Q. Will my policy contain disablement cover?
A. Our Saver and Disability Pan is available to Railway employees who hold a current PTS certificate. To make a disablement claim you would have to have been permanently removed from your duties because of a medical condition and your PTS certificate removed accordingly.