Charitable Assignment

What is it?

The scheme under which all investing members of the Society who joined after 16th November 1998 are obliged to assign any potential conversion benefits to the Foundation.

This is an irrevocable condition of new members opening new investment accounts.

Why was the scheme established?

The Society, along with a number of other building societies, in the past has suffered disruption to its business as a result of the high number of enquiries from people wishing to open accounts, largely to benefit from potential windfall gains which might be paid in the event of the Society being taken over or converting to a public limited company.

What if I was a member of the Society before 16th November 1998, but decide to open another account?

If you have been a constant member of the Society, with no break, since before 16th November 1998 and open another account now, charitable assignment will not apply.

Protecting your money

Your eligible deposits with Cumberland Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £85,000 limit are not covered.

Further information is available here or visit www.fscs.org.uk.

Cumberland Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority and is entered in the Financial Conduct Authority's Register under Register Number 106074. This site is intended for residents of the United Kingdom only. © Cumberland Building Society 2014. All Rights Reserved.

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