Sheffield Mutual's Capital Plan is offered in conjunction with Mansfield Building Society. It gives you the opportunity to invest a lump sum with Mansfield Building Society, that money is then used to 'feed' a ten year Tax Exempt Savings Plan with Sheffield Mutual.

This plan cannot be opened through the Mansfield Building Society, effectively it is two plans rolled in to one. Please be aware that a surrender penalty will apply if cashed in before maturity.

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You would invest a lump sum of £2,500 into an account with the Mansfield Building Society, that lump sum is then used to 'feed' a ten year Tax Exempt Savings Plan (TESP), with an annual premium of £270. The TESP is also a "qualifying life policy" with a special tax status.

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Sheffield Mutual guarantee a minimum return on the TESP after ten years of £2,737 plus possible bonuses. The minimum interest rate on the Mansfield plan is 2.20% gross/AER.

This account is exclusively designed to provide funding for a Tax Exempt Savings Plan (known as the Capital Plan account). The feeder account will close after ten years and any surplus funds (including the interest earned) will automatically transfer into an Easy Access account with Mansfield Building Society, to which you can add or withdraw without notice, unless they receive alternative written instructions.

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Anyone can have a plan or have several plans within the overall maximum levels set out above (£270 annually). t's a great way to invest a lump sum now to build up a larger tax-free amount for the future, with the added peace of mind of knowing it has all been taken care of on your behalf.