IAS ADULT - NOW OPEN TO NEW MEMBERSHIP - JOIN US TODAY
Building tax‑free member benefits over time, with sickness and death cover included
The Individual Account System is available to all GUOOFS members and is a simple way to benefit from sickness and death cover while building long term tax free member benefits.
If you’re unable to work due to illness or injury, the plan can provide sickness payments to help while you recover. It also builds a cash value over time, with a tax free lump sum payable at age 65, plus a small death benefit for your family.
The plan is based on paid shares and is open to members aged 16 and over, as long as contributions are kept up to date.
HOW THE INDIVIDUAL ACCOUNT SYSTEM WORKS
The Individual Account System (IAS) is based on member shares. You choose how many shares you would like to hold and make regular contributions through your Lodge.
The longer you contribute, the more your account can build over time through annual member allocations linked to the performance of the Society’s funds.
The maximum age of entry into the Individual Account System is 55. The minimum age of entry is 16.
Contributions increase gradually with age.
FOR EXAMPLE
A member holding 6 shares: would currently contribute approximately:
• £5.33 per year before age 30 rising to
• £12.74 per year from at age 64
In return members receive:
Sickness benefits
If you are unable to work due to illness or injury, the plan can provide sickness payments while you recover:
• Up to 26 weeks: £3 per week
• Next 26 weeks: £1.50 per week
• Following 26 weeks: £0.75 per week
Death benefits:
After six months of fully paid membership, the plan also includes a death benefit payable to your family. The amount of the death benefit is determined by the performance of the funds within your local branch of the Society.
Benefits at age 65 (the Individual Account Credit):
Your account receives annual credits over the lifetime of the plan based on the surplus your local branch's sickness fund as determined by the Society's actuaries. At age 65, the accumulated value of your account is paid to you as a tax free lump sum for you to spend as you like.
Free Legal Aid Scheme as an extra benefit:
If you have had an accident or injury that has caused you considerable discomfort or even forced you out of work, the IAS account gives you the valuable benefit of a Legal Aid Scheme - free of charge. This can help you pursue a claim for damages and can help relieve the financial burden of an expensive injury claim.
JOIN US TODAY
When you are ready to apply please complete these forms:
APPLICATION FORM
STANDING ORDER FORM
Your personal information
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