Triplets Win Big in Mirror Money Competition

Strategic Insights -

In a unique partnership with the Tunbridge Wells Equitable Friendly Society, Mirror Money ran a competition where triplets Christopher, Mark, and Philip Lilly, and their brother James, 13, received a special tenth birthday present - a cheque for pounds 1,709. This amount represents the accumulated savings from the Baby Bond plan, which the society had invested pounds 100 a year for ten years for each of the children. The family attended a lunch at the Football, Football restaurant in London, where they were presented with a hand-made album of letters and photos sent by Anne, the children's mother, to the society over the years.

Key Takeaways:

  • The Mirror Money competition, in partnership with the Tunbridge Wells Equitable Friendly Society, awarded a cheque for pounds 1,709 to the Lilly triplet family.
  • The Tunbridge Wells Baby Bond plan is a with-profits endowment policy on the life of a child, where up to pounds 25 a month or pounds 270 a year can be invested, with a minimum investment of pounds 10 a month or pounds 100 a year.
  • The plans can be taken out by anyone on behalf of a child and must run for a minimum of ten years before maturing.
  • Tunbridge Wells Equitable, founded in 1881, is one of Britain's leading friendly societies, with all profits channeled back to members in benefits.
  • The Baby Bond's payouts are tax-free due to its classification as a friendly society plan.
  • The Mirror Money triplets competition is open to any triplets born this year, with a prize of pounds 200 a year invested in the Tunbridge Wells Baby Bond for 17 years.

Statistics:

  • Pounds 1,709: the accumulated savings from the Baby Bond plan for the Lilly triplet family.
  • Pounds 100 a year: the annual deposit made by the Tunbridge Wells Equitable Friendly Society into the Baby Bond plan for each of the children.
  • Pounds 25 a month: the maximum monthly investment allowed in the Tunbridge Wells Baby Bond.
  • Pounds 270 a year: the maximum annual investment allowed in the Tunbridge Wells Baby Bond.
  • Pounds 10 a month: the minimum monthly investment required in the Tunbridge Wells Baby Bond.
  • Pounds 100 a year: the minimum annual investment required in the Tunbridge Wells Baby Bond.
  • 1881: the founding year of Tunbridge Wells Equitable.

Sources:

  • Tunbridge Wells Equitable Friendly Society
  • Mirror Money
  • The Tunbridge Wells Baby Bond brochure, retrieved from: 0500 800 810.