We are Your Mutual
- January 9, 2020
- Posted by: Kalina Ilarionova
- Category: Mutual Organisations
Transport Friendly Society is a mutual – but what is a mutual?
Friendly Societies and mutual organisations have been around in the UK for over a hundred years. Originally, members would hold meetings to pay their subscriptions in the form of social gatherings, hence the name ‘Friendly Societies’.
Today, according to the Association of Financial Mutuals, there are fewer than 200 friendly societies and mutual insurers in the UK. Transport Friendly Society started in 1885 as a mutual society providing peace of mind to bus drivers. And our mission is to continue as one for many years to come; proudly being one of the first mutuals as well as one of the remaining ones.
Our principles are the same today as when we first started. TFS is still providing that peace of mind through our Sickness, Tax-Free Savings and Health Cash Plans; putting our members at the heart of everything we do.
Benefits of Mutuality
- Almost like an exclusive club – Membership is open to anyone associated with passenger transport, their family and friends
- Owned by our members – We are run by passenger transport people for the benefit of passenger transport people
- No shareholders to pay dividends to – Any profits are ploughed back into the Society’s products and services for the benefit of our members.
- Excellent Service – In 2019 we paid £2.4 million in benefits to our members
- Tax-Free benefits – All our Plans’ benefits are paid tax-free to members directly into their bank accounts
- Our members matter – We organise Annual General Meetings (AGM) and send out member surveys to ensure we respond to their changing needs
- Members’ Protection – We are fully regulated by the UK’s financial authorities. Authorised by the Prudential Regulation Authority and Regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Members’ money is protected by the Financial Services Compensation Scheme.
Giving something back – Our way of returning value back to our members
Being a mutual society allows us to offer additional benefits to members at no extra cost. After 12 months contributions have been paid into a Sickness or Savings Plan, our members become eligible for Discretionary Benefits. These include reimbursements towards the costs of Dental and Optical treatments so that they have peace of mind knowing they will get help towards their regular appointments.
Additionally, we understand that our members are likely to experience aches and pains due to working on the buses or coaches daily. So we encourage them to treat these conditions at an early stage and try and prevent any future serious sicknesses. We also provide reimbursements towards the cost of Osteopathy treatments. This means that after they had treatment and paid for it, we will reimburse part of the cost up to £150 per year.