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Latest News from Metropolitan Police Friendly Society
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“A friend in need is a friend indeed” Ancient saying
The Friendly Society prospered in 2009, having initially suffered from the market turmoil that spilled over from the previous year. Our investments produced a total return of over 10% for the year as a whole, despite the lacklustre performance of both government bonds and property. The returns that our members get on their savings with us are based on the returns we achieve over the years. Members will get their bonus notices in March. Pay-outs on all maturing contracts have increased in 2010 – see our websites.
We enter 2010 with a well-diversified portfolio of investments. We are particularly pleased with a significant increase in our exposure to property at the end of last year. This was achieved through buying into a number of property unit trusts, rather than by adding to our direct holdings. Saving with the Society enables our members to get a better spread of assets than they could hope to achieve by themselves.
The Friendly Society is a mutual open to everyone in the Police Family. We welcome all employees in the police service and members of their families. Eligibility extends to those who have retired from the service, many of whom use our fund as a safe home for some or all of their commutation.
We encourage our members to be tax efficient – for example by having a roll over option on large lump sums (see “promotions” on our websites). We want them all to make maximum use of their ISA allowance. This will be £10,200 for every adult in each tax year from 6 April (currently £7,200 for under 50s). We also offer a tax exempt savings plan for children!
One of our protection policies is aimed exclusively at serving (salaried) members – since it makes good most of their lost income if they are off work for a protracted period. This Income Protection contract provides a regular payment throughout periods of half pay and no pay – and into medical retirement (conditions apply). There are also lump sum benefits, including 6 months’ pay on diagnosis of a Critical Illness. It is available to all Serving Officers (regardless of rank) and Staff (including PCSOs and Traffic Wardens).
Our websites – mpfs.org.uk or “Friendly” on Aware – give details of all our products, and who is eligible to be a member of the Society. Or give us a call!
To contact the Society please call Metphone 28192, telephone 01689 891454 or visit mpfs.org.uk
Article Submitted by Stuart Bell
Chief Executive at Metropolitan Police Friendly Society
