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{{Short description|British mutual friendly society}} |
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{{Use dmy dates|date=April 2022}} |
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{{Infobox organisation |
{{Infobox organisation |
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| name = Healthy Investment |
| name = Healthy Investment |
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| image = |
| image = HILogo.png |
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| size = 200px |
| size = 200px |
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| abbreviation = HI |
| abbreviation = HI |
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'''Healthy Investment'''<ref name="sda">{{cite web |title=Healthy Investment and the Retail Distribution Review |url=http://www.sda-llp.co.uk/case-studies/healthy-investment-and-the-retail-distribution-review/ |website=Case Studies |publisher=SDA Actuaries |access-date=12 January 2020 |archive-url=https://web.archive.org/web/20160305140123/http://www.sda-llp.co.uk/case-studies/healthy-investment-and-the-retail-distribution-review/ |archive-date=5 March 2016}}</ref> is a British mutual [[friendly society]] that provides a range of ethical [[With-profits policy|With-profits]] savings and investment products. It was originally formed in 1835 as [[Independent Order of Rechabites]], and traded until 2004 as The Rechabite Friendly Society.<ref name=history>{{Cite web|url=https://www.healthyinvestment.co.uk/about-us/our-history/|title=A Proud History|publisher=Healthy Investment | access-date=15 October 2024}}</ref> {{as of |2018}} it had more than 100,000 members and looked after over £115m of members' money.<ref name=history /> |
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==Introduction== |
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Healthy Investment<ref>http://www.sda-llp.co.uk/case-studies/healthy-investment-and-the-retail-distribution-review/</ref> is a mutual [[Friendly society|friendly society]] that provides a range of ethical [[With-profits policy|With-profits]] savings and investment products. They were originally formed in 1835 as [[Independent Order of Rechabites|The Rechabite Friendly Society]] but now trade as Healthy Investment<ref>http://www.healthyinvestment.co.uk/about_us/a_glorious_history.php</ref>. They have more than 100,000 members and look after over £115m of members’ money. As Healthy Investment is a mutual friendly society there are no shareholders to benefit from the investments, everything is done for the benefit of their members. |
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==History== |
==History== |
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On 25 August 1835 a small group of men, already committed to the total abstinence of alcohol, met in Mrs |
On 25 August 1835 a small group of men, already committed to the total abstinence of alcohol, met in Mrs Meadowcroft's Temperance Hotel, Bolton Street, [[Salford]] in order to discuss a [[friendly society]] for those who had "signed the pledge" and abstained from alcohol. From its first procession on New Year's Day in 1836 the organisation grew rapidly with local groups known as "tents" being formed throughout the country. In 1842 contributions of two shillings per year for the under 35s entitled them to £5 death benefit and a further penny a week provided them with a sickness benefit of two shillings and six pence. |
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In 1999 the Society, by now known as The Rechabite Friendly Society, modernised and centralised its various local groups and regions into one Manchester |
In 1999 the Society, by now known as The Rechabite Friendly Society, modernised and centralised its various local groups and regions into one Manchester-based Head Office. In 2004 the Society developed further and opened its membership to include temperate members or those who "enjoy alcohol in moderation".{{citation needed|date=July 2015}} Today The Rechabite Friendly Society trades as Healthy Investment. |
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The |
The Society's head office is now based in Bury, Greater Manchester.<ref>{{Cite news|url=https://www.burytimes.co.uk/news/business/2315531.bury-is-ideal-base-for-friendly-society/|title=Bury is ideal base for friendly society|work=Bury Times| date= 6 June 2008 | access-date=12 January 2020}}</ref> |
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==Current |
==Current Products== |
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Tax Exempt Savings Plans, |
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Standard Savings Plans, |
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[[Insurance bond|Investment Bonds]], |
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This is a regular savings plan which allows all UK residents to save a small amount each month to build a cash sum on maturity. The plans, which run for a minimum of 10 years, are tax free investment at maturity. The tax advantages of these policies are only available from friendly societies. Healthy Investment’s has a minimum contribution of £10 per month makes them very affordable for all. |
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[[Individual Savings Account|Junior ISAs]] and |
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'''Standard Savings Plan:''' |
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The Standard Savings Plan is also a regular savings plan which allows for a larger cash sum to be built up. It is a qualifying life policy which means that all of the benefits on maturity are paid out free of [[Income tax|income tax]] and [[Capital gains tax|capital gains tax]]. As the Tax Exempt and Standard Savings Plan are qualifying life policies, a limit of £300 per month has been set by HM Revenue and Customs. |
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'''Investment Bond:''' |
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The With-profits [[Insurance bond|Investment Bond]] is a single premium policy. They can be taken out on a joint life basis, meaning the Bond<ref>http://lgbwealthmanagement.com/investments/healthy-investment-bond/</ref> can be in the name of two people. This might be particularly useful for parents to keep money under their control but for their child’s benefit. It can also be used a source of income for elderly people after retirement. |
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Healthy Investment offers a stocks and shares [[Individual Savings Account|ISA]]. Regular monthly or one off investments can be made into the ISA<ref>http://www.moneywise.co.uk/healthy-investment/healthy-profits-isa</ref>. Because of the special tax advantages of ISAs they are only available to UK residents over the age of 18 and [[HM Revenue and Customs|HM Revenue and Customs]] limit the amount you can invest in any one tax year. |
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'''Junior ISAs:''' |
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The [[Individual Savings Account|Junior ISA]], launched by the government in November 2011, is a flexible investment which allows investments to be made on a regular or one off basis, up to the government’s limit. The Junior ISA was created for children that missed out on the Child Trust Fund but as from 6th April 2015 the government have allowed the transfer of a Child Trust Fund into a Junior ISA. |
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Healthy Investment offers two different types of [[Child Trust Fund|Child Trust Fund]]. The Stakeholder and the Ethical Child Trust Funds are both available to parents with children born in the UK between 1 September 2002 and 2 January 2011 and were issued with a Child Trust Fund voucher by the government. From 6th April 2015 the [[Government|government]] have allowed the transfer of a Child Trust Fund into a Junior ISA. |
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'''Save21<ref>http://www.save21.co.uk/at-a-glance.html</ref>:''' |
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The Save 21<ref>http://www.parentalchoice.co.uk/blog/investing-for-your-childrens-future</ref> product is a variation of the Tax Exempt Savings Plan. This product allows an individual to save up to £25 per month for a child. This can be taken out by parents or grandparents with the child receiving the cash lump sum on their 21st birthday. Other childrens savings products such as the Junior ISA and Child Trust Funds provide the child with the cash lump sum at age 18. |
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==Ethical Investment== |
==Ethical Investment== |
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The society specialises in providing ethical savings and investment products. It remains true to its founders' principles and avoids direct investment in companies in alcohol, arms and tobacco industries and in gambling and pornography providers. This is actively managed by [[Investec]]. |
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All of the Healthy Investments products, excluding the Child Trust Funds, are invested into Healthy Investments With-profits Fund. This is actively managed by [[Investec|Investec]] who work within the limits set by Healthy Investment. The aim of Healthy Investment’s With-profits Fund is to provide their members with a cautious but steady return. |
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As With-profits investments many of the products provided by Healthy Investment include capital and bonus guarantees where, on set dates, you are guaranteed to get your money back. |
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The Stakeholder Child Trust funds, in order to meet the stakeholder product rules, invest in a wide range of shares that track the UK All Share Index, however an ethical Child Trust Fund is available that follows the ethical investment strategy of the Society. |
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==Regulation== |
==Regulation== |
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Healthy Investment is regulated by the [[ |
Healthy Investment is regulated by the [[Financial Conduct Authority]] and the [[Prudential Regulation Authority (United Kingdom)|Prudential Regulation Authority]]. Its members are covered by the [[Financial Services Compensation Scheme|Financial Services Compensation Scheme (FSCS)]] which guarantees investors 100% of all their investment with the Society without limit.{{citation needed|date=September 2015|reason=FSCS page gives compensation limits for all investments}} |
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Healthy Investment is a member of the Association of Financial Mutuals. |
Healthy Investment is a member of the Association of Financial Mutuals.<ref>{{Cite web|url=https://www.financialmutuals.org/|title=The Association of Financial Mutuals - Trade Body|website=Association of Financial Mutuals}}</ref> |
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== References == |
== References == |
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==External links== |
==External links== |
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* |
*{{official website|https://www.healthyinvestment.co.uk/ }} |
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* {{cite web |title=The Rechabite Friendly Society Limited |url=https://mutuals.fca.org.uk/Search/Society/6595 |website=mutuals.fca.org.uk |publisher=Mutuals Public Register |access-date=15 October 2024}} ''Register of Friendly Societies etc'' |
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*[http://www.healthyinvestment.co.uk/assets/files/Annual-Report-and-Accounts-2015.pdf Healthy Investment Annual Report and Accounts 2015] |
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*[http://www.save21.co.uk/at-a-glance Save21] |
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[[Category:Friendly societies of the United Kingdom]] |
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*[http://www.financialmutuals.org/ Association of Financial Mutuals - AFM] |
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[[Category:Companies based in Bury, Greater Manchester]] |
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*[http://www.fsa.gov.uk/register/firmBasicDetails.do?sid=77548 FSA Register details] |
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*[http://www.fscs.org.uk/ Financial Services Compensation Scheme - FSCS] |
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{{bank-stub}} |
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{{uncategorised|date=July 2015}} |
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Latest revision as of 09:12, 15 October 2024
 | |
| Abbreviation | HI |
|---|---|
| Formation | 25 August 1835 |
| Registration no. | 109994 |
| Headquarters | 2 The Old Court House, Tenterden Street, BL9 0AL |
| Location |
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Region served | United Kingdom |
| Services | Ethical savings and investments |
| Website | www |
Formerly called | The Rechabite Friendly Society |
Healthy Investment[1] is a British mutual friendly society that provides a range of ethical With-profits savings and investment products. It was originally formed in 1835 as Independent Order of Rechabites, and traded until 2004 as The Rechabite Friendly Society.[2] As of 2018[update] it had more than 100,000 members and looked after over £115m of members' money.[2]
History
[edit]On 25 August 1835 a small group of men, already committed to the total abstinence of alcohol, met in Mrs Meadowcroft's Temperance Hotel, Bolton Street, Salford in order to discuss a friendly society for those who had "signed the pledge" and abstained from alcohol. From its first procession on New Year's Day in 1836 the organisation grew rapidly with local groups known as "tents" being formed throughout the country. In 1842 contributions of two shillings per year for the under 35s entitled them to £5 death benefit and a further penny a week provided them with a sickness benefit of two shillings and six pence.
In 1999 the Society, by now known as The Rechabite Friendly Society, modernised and centralised its various local groups and regions into one Manchester-based Head Office. In 2004 the Society developed further and opened its membership to include temperate members or those who "enjoy alcohol in moderation".[citation needed] Today The Rechabite Friendly Society trades as Healthy Investment.
The Society's head office is now based in Bury, Greater Manchester.[3]
Current Products
[edit]Tax Exempt Savings Plans, Standard Savings Plans, Investment Bonds, Individual Savings Accounts (ISA), Junior ISAs and Child Trust Funds.
Ethical Investment
[edit]The society specialises in providing ethical savings and investment products. It remains true to its founders' principles and avoids direct investment in companies in alcohol, arms and tobacco industries and in gambling and pornography providers. This is actively managed by Investec.
Regulation
[edit]Healthy Investment is regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Its members are covered by the Financial Services Compensation Scheme (FSCS) which guarantees investors 100% of all their investment with the Society without limit.[citation needed]
Healthy Investment is a member of the Association of Financial Mutuals.[4]
References
[edit]- ^ "Healthy Investment and the Retail Distribution Review". Case Studies. SDA Actuaries. Archived from the original on 5 March 2016. Retrieved 12 January 2020.
- ^ a b "A Proud History". Healthy Investment. Retrieved 15 October 2024.
- ^ "Bury is ideal base for friendly society". Bury Times. 6 June 2008. Retrieved 12 January 2020.
- ^ "The Association of Financial Mutuals - Trade Body". Association of Financial Mutuals.
External links
[edit]- Official website
- "The Rechabite Friendly Society Limited". mutuals.fca.org.uk. Mutuals Public Register. Retrieved 15 October 2024. Register of Friendly Societies etc
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