25 August 2022
Foresters achieves outstanding growth in membership numbers in the first half of 2022
Foresters Friendly Society has continued to see a significant increase in member volumes for the first half of 2022 following a successful first quarter.
New plan volumes have increased by 84% compared to 2021 and by 70% compared to the first half of 2020 when the pandemic was only starting to have an impact in the second quarter.
Unit Linked Plans and Lifetime ISA Lead the Way
The Society’s unit linked plans, provided via its POIS brand, continue to lead the way with the Foresters with profits Lifetime ISA also going from strength to strength delivering 26% increase in plan sales and 32% increase in new business premium income when compared to the first half of 2021.
Designed for savers aged between 18 and 39 wishing to save for a first home or retirement, the Lifetime ISA allows policyholders to pay in up to £4,000 each tax year and benefits from a 25% government bonus.
Foresters Lifetime ISA Popular with Savers
As one of a few Lifetime ISA providers, Foresters Lifetime ISA is proving a success with savers, particularly via the Society’s Digital channel (those joining the Society via its website) which has seen a 29% growth in plan sales compared to the same time frame in 2021 and a 38% increase in new business premium income.
Foresters is also well placed to appeal to this younger audience through its discretionary member benefit specifically designed to support those in higher education.
£300 Annual Discretionary Grant for Students
Foresters Educational Awards can provide grants of up to £300 a year for members aged 16 and over who are in further education and studying for a recognised qualification, which will help to cover the cost of books, travel expenses or other items.
Unlike a student loan, these grants do not require paying back. For a 4 year course, this could amount to £1,200 of additional help for students at an often expensive time.
Foresters has a long and strong track record of giving back to its members in this way, through its member benefits package, and are proud to have paid £1.7million to members in discretionary grants and charitable donations in 2021 alone.
Sally Waterfield, Head of Marketing at Foresters Friendly Society commented “Despite the continued volatile economic conditions, Foresters is well placed as a mutual, financial services provider to not only offer investors with an alternative option for their savings needs, but to also provide added value through our discretionary membership benefits. These benefits can offer reassurance to savers that we will be there to support them and their family should the need ever arise. A tradition that stems from our long history and early foundations but that is just as relevant in today’s fast paced world. Saving for the future for yourself and your family should continue to be a key focus for households and we are pleased to be a trusted provider that people are happy to choose.
With further developments in place such as a reduction in the minimum premium for our Junior ISA product and the development of our own member portal, we are continuing to respond to our member feedback and the cost of living pressures some members may face. We look forward to welcoming more members as the year progresses.”
You could get back less than you pay in. The membership benefits we provide aren’t regulated by the Financial Conduct Authority or the Prudential Regulatory Authority, and are regularly reviewed by us to ensure they are relevant to our members.