A by-invitation only, 4-year savings scheme for members who had participated in and successfully completed the 4-year term in Subscription-to-Savings Scheme Series 2, maturing on 31 October 2016.

1. Only member who have successfully completed the 4-year term under Series 2 would be eligible to participate in Series 5.

2. For the four (4)-year term of the STSS (“Series 5”), the Board shall administer and members shall participate in the STSS in accordance with the rules set out in Annex A.  For any subsequent terms of the STSS, the Board shall be permitted to administer and members shall participate in the STSS in accordance with any rules the Board may approve and implement from time to time.

3. In the event the STSS is terminated by the Society, the principal sum belonging to each member shall be, at the option of the member:

(i)  returned to the member; or

(ii) used by the member to participate in any scheme that the Board may approve and implement from time to time.

(a) Term

(i)  The duration (“Series 5”) for a member’s funds to remain in the STSS is 4 years. At the end of 4 years, the member will be at liberty to withdraw the principal sum deposited into the STSS. Alternatively, the member may wish to continue with his participation in the STSS if it is extended for another term.

(ii) In the event that the STSS is extended for subsequent terms, an invitation letter will be sent to members 3 months before the expiry date for them to participate in the new series. Members can opt to:

1) “Roll over” the whole principal by utilising it as principal for the new series; or

2) Withdraw the full principal.

The Society reserves the right to send such invitation letters to eligible members with different terms and conditions.

(b) Return

(i)  A member must confirm his/her participation in Series 5 by 30th September 2016.

(ii) A return of 3.50% per annum would be paid on the principal sum deposited for Series 5 for the period from 1st November 2016 to 31st October 2020. Interest accrued would be paid to the member every 6 months based on (actual number of days for the 6 months) / (number of actual days for the Series) X 3.5% X 4 years.

(c) Early Withdrawal by Member

(i)  In the event of an early withdrawal from the STSS by a member before the maturity of term, the following interest rates, instead of the interest rate return set out above, will apply on the principal sum deposited:

Less than 12 months 12 months to less than 24 months 24 months to less than 36 months 36 months to less than 48 months
0.75% per annum 1.50% per annum 2.25% per annum 3.00% per annum

(ii) In the event that the STSS is extended for subsequent terms, the applicable interest rate payable for any early withdrawal shall be determined by the Board.

(iii) For early withdrawals by a member, there will be a pro-rata claw-back of the interest paid out with a corresponding deduction made to the principal sum that would be repaid to the member.

For example, if the early withdrawal is done on the 13th month, there will be a claw-back of interest of 2.00% per annum for the first 12 months, which will be deducted from the principal.

The claw-back interest will be based on (actual number of days calculated up to the day before the money is in the member’s bank account) / (number of actual days for the Series) X 1.50% X 4 years less total accumulated interest already paid to a member.

(iv) If a member wishes to make an early withdrawal, only a withdrawal of the entire principal sum deposited in the STSS is permitted.  No partial withdrawal of the principal sum is allowed.

(v)  Forms will be furnished by the Society for any withdrawals by members.

(d) Collateral

The deposit under STSS may be used as collateral to apply for a secured loan from the Society.

Find out more about Police Co-op’s loan here.

Withdrawal Stss Series 5 Form