PLANE SAVER PROSPECTUS

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SavingS lOanS inSURanCE
CREdiT UniOn lTd

By the airline industry. For the airline industry.

PARTNERING WITH PLANE SAVER

Lead your staf to f bet ter savings
Partner with Plane Saver and your staff can have access to great rates on savings, loans, insurance and much more.

if you would like your employees to start enjoying the benefits of Plane Saver membership, call us today on 020 8607 5020 or email marketing@planesaver.co.uk

PLANE SAVER PROSPECTUS

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A mutually beneficial union

in these cash-strapped times, finding new ways for airlines to reward and incentivise their employees was never going to be easy. But by giving your people access to Plane Saver, you’ll have found probably the simplest and most effective way to buck the trend. That’s because credit unions offer benefits to their members – your staff – at absolutely no cost to your airline. a win-win situation if ever there was one. So please read on...

like all credit unions, Plane Saver Credit Union ltd is a not-for-profit financial cooperative that encourages its members to save by offering attractive savings products. We then use this money to provide loans to other members who might need them, charged at fair and reasonable monthly interest rates.

“People helping people”
Being a ‘mutual’ organisation with no shareholders other than our members, any surplus profit that we make is given back to our members at the end of the financial year. Consequently, we are able to pay our savers a competitive return on their investment in the form of an annual dividend. Meanwhile, borrowers’ loan repayments contribute towards the overall income of Plane Saver to the benefit of all our members. What’s more, Plane Saver members enjoy many additional benefits – from low-cost home and car insurance to big brand discounts and an exclusive monthly lottery that they view as genuine perks. In other words, not only is Plane Saver a refreshing way for your company to enhance staff recruitment and retention, it can also provide a shot in the arm for staff morale.

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PLANE SAVER PROSPECTUS

Founded in 1993 by staff members of British airways, today Plane Saver is still run by our members through an elected Board of directors and a Supervisory Committee made up entirely of unpaid volunteers. Since 12th January 2010, we have been able to extend our membership to all British Caa registered passenger carrying airlines and their associates. in fact, we currently provide services to circa 7,500 members working for airlines and associates including British airways, air Canada, iag, Babcock, Honeywell, dunwoody, Ba Clubs and HESl.

attractive investments
Our distinctive range of savings accounts deliver a competitive return on our members savings. and as a not-for-profit organisation, our net surplus goes back to our members in the form of an annual dividend.* in common with other financial institutions, we are unable to guarantee future rates on accounts. For that reason we ask our members to consider the past performance of dividends, as set out here:

Financial Year 2005/06 2006/07

Regular Saver 4.5% 5% 5% 3% 2%

Christmas Saver 4.5% 5% 5% 1% 1%

Cash ISA n/a n/a n/a 6% 6%

Platinum Saver n/a n/a n/a 6% 6%

Products that benefit everyone
at Plane Saver we aim to provide our members with the very best in savings products as well as a range of highly competitive loans to suit everyone. We also offer a number of excellent additional benefits that members can enjoy.

2007/08 2008/09 2009/10

*The dividend is calculated on the daily balance over the Plane Saver financial year, which runs from October to September. it is proposed by the Plane Saver Board and approved by our members at the annual general Meeting. dividends are paid gross, with all tax liability resting with the member.

PLANE SAVER PROSPECTUS

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Saving Accounts

InStAnt AcceSS SAvIng AccountS
Regular Saver
Offers a competitive return in the form of an annual dividend. a minimum £25 a month or £6 a week is deducted straight from payroll.
(nB: all Plane Saver members are required to save in this account.)

Long term SAvIng AccountS
Cash iSa
Members can save straight from payroll or by lump-sum to benefit from a tax-free annual dividend. as iSa limits are set by the government in line with the national budget, please contact us to find out how much you can deposit for the current tax year.*
(Plane Saver’s Cash iSas paid a 6% dividend for the 2009/10 financial year.)

Christmas Saver
Tailored specifically to help members save for the festive period.

Platinum Saver
Members can deposit from £3,000 to a maximum of £5,000 for a minimum 12 months. One withdrawal can be made after the 12-month period – between October 1st and October 31st each year.*

Flexi Saver
Only for members who have taken out a Plane Saver loan, it gives borrowers the option to save an additional amount.

*There may be periods where certain products are suspended because subscription limits may have been reached.

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PLANE SAVER PROSPECTUS

Loans

Insurance

Our loans have no arrangement or hidden fees, or early repayment penalties. Plus, the interest paid (from 6.9% aPR to 26.8% aPR) contributes to an annual dividend on members’ savings. Members may apply for large loan amounts on top of their regular savings account, which are issued depending on ability to repay. loans are granted, and interest rates charged, according to a member’s personal circumstances and ability to repay, categorised as follows:

Plane Saver is associated with the CUna Mutual group, an established partner of the association of British Credit Unions limited. CUna provides a range of insurance products which are specifically designed for credit union members to provide simple, affordable and flexible protection.

Funeral Protect+
a simple life insurance policy designed to provide peace of mind at an affordable price. Unlike many life assurance policies which can take months – even years – to settle claims, Funeral Protect+ claims are usually settled within 48 hours.

Platinum Gold Silver Bronze

0.55% per month (6.9% aPR) 1.00% per month (12.7% aPR)* 1.50% per month (19.6% aPR) 2.00% per month (26.8% aPR)

income Protection
income Protection is designed to cover a proportion of your income in the event that you’re unable to work because of accident, sickness, or involuntary unemployment. Have you ever considered what would happen if you lost your income? How would you pay your mortgage or rent and other household bills? income Protection provides a monthly benefit so you can cover the basics and pay for the essentials.

*Representative rate.

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Home insurance
3 types of cover: Contents Only Buildings Only Buildings and Contents Combined • over can be personalised C (members only pay for what they require) • O ptional cover for personal possessions away from the home • p to £50,000 Legal U Expenses • over provided from a C wide range of insurers

Motor insurance
3 types of cover: Comprehensive Third Party Fire Third Party Only

Travel insurance
2 types of cover: Single Trip annual Cover

• ption to protect any no O claims bonus • ptional breakdown and O warranty cover available for extra peace of mind • indscreen cover included W

• embers can tailor the M quote to suit their exact requirements (single traveller, couple or family) • re-existing medical P conditions catered for without separate screening • o upper age-limit N (single-trip policies only)

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PLANE SAVER PROSPECTUS

Additional Benefits

‘Free’ life insurance
a unique benefit of saving or borrowing with a credit union is that members under the age of 65 are covered by ‘Free’ life insurance on savings and loans up to £20,000, subject to a six month pre-existing condition limitation. Terms and conditions apply.

Family accounts
Once they have joined, Plane Saver members are entitled to sign up any family members who live with them. They can then start saving by standing order or payroll, and enjoy all the same wide-ranging benefits the member does.

‘Friends of Plane Saver’ lottery
Members have their own exclusive lottery with up to 10 numbers each, with three prizes per month: 1st £1000, 2nd £500, 3rd £250 Plus, there is a special annual draw at the end of the year. names of winners are published in our twice-yearly ‘Plane Talking’ newsletter.

Junior Savers
Plane Saver operates an account for the under-16s. There is no minimum savings amount, and savings are deducted from the parent-member’s payroll. Junior Savers are not eligible for loans and, upon reaching 16, become full members. no member can apply for a loan until they reach the age of 18.

Online account Management
To make it as easy as possible for members to manage their finances we offer an online account management facility where you can withdraw funds, check balances, apply for loans and much more.

Plane Saver loyalty Club
Plane Saver has teamed up with World Privilege, the worlds’s fastest growing loyalty club. With over 1.5 million members, World Privilege offers thousands of discounts and privileges from members’ favourite brands. annual membership usually costs £50, but Plane Saver members only pay £5.

Regular Updates
Members can receive regular news items on all aspects of Plane Saver via Facebook, Twitter, linkedin and SMS.

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Your questions about Plane Saver answered

Q1

Are there other benefits to my airline apart from enhancing both the recruitment and retention of employees?

Q4

Is Plane Saver regulated?

Yes, by the Financial Services authority. Plus we are: • subject to Money Laundering Regulations • part of the Financial Ombudsman Service • art of the Financial Services Compensation p Scheme which ensures the provision of 100% protection for up to £85,000 shares per individual member or junior savings • egistered with The Information r Commissioners’ Office, ensuring all member accounts are confidential Plane Saver is part of the Financial Services Compensation Scheme which ensures 100% protection on savings of up to £85,000. it is also regulated by the Financial Services authority.

Monday to Friday, 08.30-16.00)

Yes. Reducing financial stress, which can have a negative effect on a worker’s productivity as a result of lower levels of self-esteem and, more worryingly, health problems. it’s also widely recognised that employees go absent to deal with such problems. Plane Saver can help with this, especially as we operate out of two branches at london Heathrow (open making it easy for employees to sort out financial problems quickly and conveniently.
Q2

How much will it cost my airline to sign up?

nothing. Except for the minimal time required from your payroll department to set up monthly deductions.
Q3

What other companies are associated with Plane Saver?

We provide a service to circa 8000 members working for companies including British airways, air Canada, iag, Babcock, Honeywell, dunwoody, Ba Clubs and HESl.

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PLANE SAVER PROSPECTUS

Q6

Who can become a member?

Q9

Each credit union has what is known as a ‘common bond’, which determines who can join. Plane Saver’s common bond is:

What happens if a member of Plane Saver changes employer or retires?

‘British CAA registered passenger carrying airlines and their associates’
anyone falling within this category is eligible for membership of Plane Saver, including retired staff, and family members of existing members living at the same address.
Q7

Once a member always a member – except where a member leaves employment within the ‘common bond’ and also leaves Plane Saver. However, they can always make their account ‘dormant’ for potential reopening. Plane Saver reserves the right to charge an annual £5 administration fee for dormant accounts.
Q10

How much can members borrow?

What happens if a member makes a complaint?

Up to a maximum of £20,000 over-andabove the amount in a member’s Regular Saver account.
Q8

What interest rate will be charged?

in compliance with the regulations of the Financial Ombudsman Service, we have put in place a complaints process and are responsible for the resolution of all complaints from members.

Plane Saver rates are between 6.9% to 26.8% aPR (max), equivalent to 0.55 – 2% per month. if/when granted, the interest rate will reflect the risk of the loan. Personal circumstances, ability to repay and, in some cases, credit checks, help determine the overall risk of the loan application.

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GLOSSARY OF TERMS ABCUL - association of British Credit Unions limited. The main trade association for credit unions in Britain. AGM - annual general Meeting. APR - annual Percentage Rate. Common Bond - The qualification for membership to the credit union. Credit Union - a not-for-profit cooperative, providing financial services to members. CUNA Mutual Group - a specialist insurance provider to credit unions worldwide. Directors - a director is elected from the membership, by the membership. The Board of directors is responsible for the control and direction of the credit union. Dividend - a return on members savings, similar to an interest payment. FSA - Financial Services authority, the regulator for credit unions and other financial services providers. FSCS - Financial Services Compensation Scheme provides safety and protection to the savings of members in a credit union if the credit union becomes insolvent and has to close. The scheme provides 100% cover for the first £85,000. FOS - Financial Ombudsman Service. Shares - When a member deposits savings these are referred to as shares. WOCCU - World Council of Credit Unions.

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PLANE SAVER PROSPECTUS

Plane Saver Credit Union Ltd The Barn, Manor lane Harlington, Hayes Middlesex UB3 5EQ

P 020 8607 5020 F 020 8607 5021

planesavercu.co.uk

The Credit Union for British Caa Registered Passenger airline staff & associated companies. Plane Saver is authorised and regulated by the Financial Services authority. Registration no. FRn213609

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