Who knows what is in the future for your children or grandchildren?

Naturally, as a parent or relative you will want to give your child the best opportunities you can. For, as you will know only too well, when they get older, things such as going to university, first car, and travelling may be more costly than they imagined. The longer you can pay into a savings plan, the greater the potential return should be, so the sooner you start putting money aside for whatever path your child might decide to take, the better. Who knows? You may be helping them onto the property ladder just when they need it most.

Our Children's Savings Plan is a tax-efficient way of building up a nest egg for their adult life. These monthly premium Tax-Exempt plans are only offered by Friendly Societies, and have the same tax benefits as ISAs. Provided they are not cashed in before 10 years, there is no liability to income or capital gains tax on the profit.

Unlike savings accounts, our plan is invested in our with-profits fund. The fund includes holdings in equities, property and corporate bonds - which are more suited to long term investment. Indeed, even where a parent pays the premiums, there is no tax liability on the savings plan as can happen with some savings accounts.

With our plan, anyone (parent, godparent, grandparent, other relative or family friend) can set up a Children's Savings Plan for a child and make the monthly payments, providing either the child or the payer ("sponsor") is closely related to someone who is working, or has worked, for the Police Service. Of course the "sponsor" should bear in mind that they will be entering into a long-term commitment (the minimum term is 10 years).

You, as the "sponsor", will need to sign the application form on the child's behalf. Payouts are always made directly to the child - a nice surprise just when they need it most! And a nice warm feeling of generosity for you!