These promotions are available to new joiners to the Police Service - Student Officers, Staff and Volunteers*. Where a Volunteer (e.g. Special) goes on to become a new constable, they will be eligible for the Income Protection and Critical Illness & Medical Retirment (CIMR) offers.
NB The premium limit on TESP is £25 per month.
For fixed term savings plans taken out during your first 2 years with the police service, we give you a money back guarantee. We normally reserve our rights on the surrender value we pay when these plans are cashed in early, although we always do our best to be fair. Under this promotion, we will not make any deduction from the premiums you have paid us, neither to cover our administrative costs nor to protect us against falls in the stockmarket.
You may take out 1 or more plans. At any stage in those plans, you can cash in any or all of them for a complete refund. If the normal surrender value is higher, you will receive this higher amount.
We will reduce our minimum monthly premium to £15 per month for Five Year Plans commencing in your first 2 years with the police service.
NB You can save in this even if you already have a Cash ISA. Normal ISA limits apply.
We will reduce our minimum monthly premium to £30 per month for plans commencing in your first 2 years with the police service.
Our ISA is invested in the same with profits fund as our fixed term savings plans. This is lower risk than investing 100% in equities, but it is still exposed to some market risk.
We normally make a 2% deduction from ISA premiums cashed in during the first year, but we will waive this charge during your first 2 years with the police service.
If we do have to make a deduction to allow for falls in the stockmarket, it will apply to all ISA plans at the relevant durations. (It is an Inland Revenue requirement that Stocks and Shares ISAs are exposed to market risk - otherwise they are deemed to be Cash ISAs.) .
If you apply for either of the above products during your first 2 months of service, we will provide 6 months' premium free cover - no premiums are payable in the month we accept your application and the following 6 months.
Not available to volunteers.
