I wanted to give you an update on the impact of COVID-19 on Metfriendly. Our business is operating as normal and we are coordinating our response to the virus to ensure we can continue to deliver for our members, look after the health of our employees and maintain the continuity of our business.
In terms of the recent stock market volatility, we are regularly monitoring movements in values of the assets held in the With-Profits Fund. It is important to remember that our With-Profits Fund is made up of a mix of different assets designed to balance stability with growth over time. As at the end of February 2020, equities (stocks & shares) accounted for around 20% of our With-Profits Fund. Please also remember the following:
- Your policies are protected by the Financial Services Compensation Scheme (FSCS) for Insurance products. This means that there is no upper limit on the amount protected, unlike the FSCS Deposit and Investment schemes which are limited to £85,000 per person per company.
- This also means it could be a smart decision to bring more of your investments together with Metfriendly - decluttering your finances will make it easier for you to get a clear view of your savings and investments. For more details on how you can transfer to or invest more with Metfriendly, please call the Member Services Team on 01689 891454.
- We have a broad range of products that can help you and your family save in a tax efficient manner wherever you are at in your life – including our Lifetime ISA that attracts a 25% government contribution – and can help you, your children or your grandchildren get on the property ladder or build an additional retirement nest egg.
- As a mutual with no shareholders our members own the business so all the profits go back to the police family.
- If you invest or transfer at least £20,000 to us before 31 May 2020 we will give you an additional 1% promotional bonus.
- Please remember that past performance is not a reliable guide to future returns and that stock market investments can go down as well as up, meaning that you could get back less than you've paid in.
During these testing times we are here to support you and your family so please free to contact us if you have any questions. You can contact our member services team directly on 01689 891454 and if you want to contact me directly please email me at kathy.byrne@metfriendly.org.uk.
Wishing you and your family good health,
Kathy Byrne
Chief Executive Officer
