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Thread: Druids Sheffield

  1. #1
    HB
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    Druids Sheffield

    I've started this as requested to comment on Druids Sheffield FS jumping in with Oddfellows. Please can you add your comments (as I know nothing about it lol)
    Sterling Forever.

  2. #2
    Contributor patientperson will become famous soon enough
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    HB .. planteria is very much in the know on this one.

    These smaller Friendly Societies are struggling under the burden of legislation and many will be forced down the route of a merger or into the hands of Manchester Unity which I consider to be the graveyard of Friendly Societies.

    Rather than repeat everything discussed so far I suggest you look at:

    http://www.*******.co.uk/forum/viewt...15bc9f2b3b843b

    read 'i m u t u a l' for all the asterisks
    Last edited by patientperson; 15th March 2015 at 05:45 PM. Reason: web link considered unfriendly by Rpoints
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  3. #3
    Member mapper
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    I opened a TESP with Druids 8 years ago, having heard they had very strong reserves.
    I pay £270 a year for 10 years, with a guaranteed payout of £4000 at maturity ( 2017)
    Of course I also hoped that there'd be a takeover.

    I received a letter about the proposed transfer of business to Manchester Unity Oddfellows a couple of weeks ago.
    Apparently Druids funds will be ring-fenced for 10 yrs

    They apparently have a "delegate" system (as did Royal Liver) and only these delegates can vote...so the result is a foregone conclusion.

    The Oddfellows took over another of my friendly society holdings, Nottingham Friendly, some years ago and paid NOTHING in annual or terminal bonuses. I was able to withdraw my funds at the ten year anniversary without an MVR.

    Although the circumstances were different in that Nottingham was really struggling, I fear that the Oddfellows is going around absorbing societies at nil premium to the detriment of members ( so nothing new there, we all know)

    And as Druids is financially strong, I cannot see why they can't tender the business and get a premium for their reserves.

    Is there anything we can do?
    I have objected to the CEO, but of course that will have no effect
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  4. #4
    Expert planteria will become famous soon enough
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    interesting mapper..
    elsewhere, i said:

    "i've had some insight into this transfer this week. i strongly suspect that the transfer of the Druids will go ahead, but...the board could have transferred the society's business to a society with an open fund, rather than into the Social-based Oddfellows. i don't think that is the right decision"

  5. #5
    Enthusiast carpetmuncher will become famous soon enough
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    Druids? I hadn't heard of them. Maybe I had to give the funny handshake and bare a nipple to get and account, something i would fail on.
    It looks like there was no benefit of joining them after all.

  6. #6
    Member mapper
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    The delegates voted it all through..... I should be glad, however to get a guaranteed £4000 in 2017 for 10 lots of £270 paid in, I suppose

    Says the CEO ""I can tell you that the transfer has been approved by delegates at the meeting on 14 March and is expected to be completed on 30 April 2015. The Committee of management is confident it has achieved the best outcome for members. There is no compensation or bonuses being paid to non-executive directors and staff will all be redundant upon the transfer date. Oddfellows are offering office staff a 12 month contract to assist with the transfer to Oddfellows. There is no procurement fee. All benefits will accrue to members based on the reduced operating costs of the Druids funds post transfer.""



    The CEO, Paul Protheroe, is Managing Director and founder of Positive Insight Management Consultants ( should it be singular?) and lists among his clients a whole raft of mutual companies. Is there any conflict here???

    http://www.positiveinsight.co.uk/pi-clientList.htm


    Clients utilising Positive Insight services

    We are pleased to present our list of clients. Over 80% of our clients have instructed us on two or more projects:
    Banks and Building Societies

    HSBC Bank
    Stroud and Swindon Building Society
    Frome Selwood Building Society
    Friendly Societies

    Pharmaceutical and General Friendly Society
    National Friendly
    British Friendly Society
    Transport Friendly Society
    Railway Friendly Society
    Shepherds Friendly Society
    Anglo-Saxons Friendly Society
    Communication Workers Friendly Society
    Professional Bodies and Consultancies

    Chartered Building Societies Institute (now ifs School of Finance)
    Chartered Institute of Bankers
    Association of Friendly Societies (now Association of Financial Mutuals)
    Society of Podiatrists and Chiropodists
    Mapa Management Consultants
    Insurance and Mortgage Brokers

    Sovereign Mortgage Assets
    Burrell Insurance Associates (Independent Financial Advisers)
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  7. #7
    Expert planteria will become famous soon enough
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    good work mapper.
    Frome Selwood Building Society---aren't they long gone?
    i like that he is advising organisations re. setting up PPI policies for their customers, too
    Last edited by planteria; 31st March 2015 at 09:16 AM.

  8. #8
    Contributor EarthBoy is an unknown quantity at this point
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    Quote Originally Posted by planteria View Post
    Frome Selwood Building Society---aren't they long gone?
    Taken over by the Stroud and Swindon iin 1990.
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  9. #9
    Expert planteria will become famous soon enough
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    Quote Originally Posted by EarthBoy View Post
    Taken over by the Stroud and Swindon iin 1990.
    which was, in turn, taken over by Coventry Building Society in 2010.

    point is, the client list is more than a little out of date


 

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