Mutual Magazine Issue 5 - May 2025

Issue 5: May 2025

Page 8-11

Celebrating 250 years of Mutual Building Societies

INSIDE THIS ISSUE:

Page 12

Our Charity of the Year: Keech Hospice

Page 20

Supporting our Community

Page 30

Jon’s Savings Blog

Page 44

Advice on Pension Scams

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4

Contents: A Welcome From Tracie Pearce

6

Our Annual General Meeting 2025

8

The Birth Of Mutual Building Societies...

12

Our Charity Of The Year: Keech Hospice

14

Open Door Volunteering

15

Colleague Stories

16

HBS Grants Update

Contact the editorial team: members@harpendenbs.co.uk

20

Supporting Our Community

harpendenbs.co.uk

22

Youth Talk

Published by Harpenden Building Society.

24

Our Change Committee

26

Savings Advice: The 50/30/20 Budgeting Method

30

Jon’s Savings Blog

34

From Around Our Branches

36

Harpenden Online

38

Credit Card Fraud

44

Pension Scams

48

Volunteers Week

50

Men’s Health Week

52

Colleague Spotlight

54

We’d Love To Hear Your Stories

56

Smart Money People

Harpenden Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. Firm reference number: 157260.

Head Office: Harpenden Building Society, Mardall House, 9-11 Vaughan Road, Harpenden AL5 4HU Harpenden Building Society reserves the right to reject or accept any advertisement, article or material received, prior to publication. We reserve the right to publish and edit any article or material we receive from our members. We accept no liability for any mistakes and no liability for any third-party website and their content.

Welcome

To issue 5 of Mutual magazine As we look ahead to another busy week, I find myself reflecting on the start of 2025.

How have we already reached May? Time has flown by, and so much has happened in just five months...

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Thinking about my colleagues across the Society fills me with pride.

We continue to develop and improve our relationships with our members.

Every day brings new challenges, but we face them together with determination and enthusiasm, always upholding our values towards our members.

Our community is still the heart and soul of everything we do. It is fascinating to read all the stories shared by colleagues – they are incredibly inspiring. I know there are more events and stories to follow in the next issue. We are immensely proud of all the achievements and support our colleagues provide to the community and local initiatives.

Issue 5 is packed with updates on the local projects and charities we’ve been supporting.

This includes news from some of the 2024 grants we supported and how their projects have transformed their communities.

We’ve also included an overview of our partnership with the Hertfordshire Community Foundation and our collaboration since the beginning.

There is also an update from Youth Talk, and you can hear the latest news from our Leighton Buzzard and Harpenden branches.

I am delighted to see my colleague Gary Richardson, our Director of IT & Transformation, provide an update on the recent improvements we have made to enhance our services and propositions for our members.

We also include some general savings advice, which is really useful, and a savings blog from our Product Manager for Savings, Jon Sweeting. We’re always looking for topical content, and we’ve included helpful advice to protect yourself against pension scams, which are currently prevalent. Another common scam is credit card fraud. We’ve written some useful tips to ensure you know what to look out for, and to stay protected.

I won’t spoil it, but there’s also information about an exciting Building Societies Association campaign, the results of our AGM, and a new colleague spotlight.

We’re committed to delivering information that’s both useful and relevant to you.

If there’s anything you’d like to learn more about – whether it’s online security, avoiding scams, or any other topic – please don’t hesitate to reach out to our editorial team.

And, of course, we’d love to hear your own stories and accomplishments. Sharing them in future issues is one of our favourite ways to connect with our community.

Enjoy reading Issue 5 and thank you for being such an integral part of our Harpenden family.

Tracie

Tracie Pearce Chief Executive

harpendenbs.co.uk

5

Annual General Meeting

2025 s n o i t u l o s e R f o s Result

This year’s AGM was held at Rothamsted Conference Centre in Harpenden on Friday 25th April 2025.

We would like to thank all our members who participated this year.

Members who were unable to attend in person were also provided the opportunity to view the proceedings online and ask any questions of the Board in advance of the AGM.

1,175 6

members voted

harpendenbs.co.uk

The main purpose of the meeting was to consider the resolutions set out in the table opposite, which were put to the members and voted on by a poll.

In addition, members also heard from both the Chairman and the CEO on the Society’s performance and key achievements in 2024 as well as the outlook for 2025.

The resolutions passed with a healthy majority as detailed in the table opposite.

£2,350

raised for Keech Hospice

Resolution

For

Against

Withheld[1]

Total

% in Favour

To receive the Directors’ Report, the Annual Accounts, the Annual Business Statement and the Auditors’ Report for the financial year ended 31 December 2024

1140

21

14

1175

98.19%

To approve the Directors’ Remuneration Report for the financial year ended 31 December 2024

1016

130

29

1175

88.66%

To approve the re-appointment of Forvis Mazars LLP as auditors of the Society until the conclusion of the next Annual General Meeting

1099

50

26

1175

95.65%

To elect Tracie Pearce

1101

55

19

1175

95.24%

To re-elect Lesley Beecher

1089

63

23

1175

94.53%

To re-elect Nigel Boothroyd

1069

67

39

1175

94.10%

To re-elect David Green

1081

66

28

1175

94.25%

To re-elect Tina Kokkinos

1086

65

24

1175

94.35%

To re-elect Mark Williams

1079

68

28

1175

94.07%

To re-elect Mark Willis

1090

61

24

1175

94.70%

To elect/re-elect the following directors -

“Votes Withheld” are not included in the calculation of the proportion of the votes “For” or “Against” a resolution.

On our website you can read the Chair’s Statement and Chief Executive Review (in addition to other information on the performance of the Society during the last year) in our Society’s Annual Report & Accounts for the year ended 31st December 2024.

View our Annual Report and Summary Financial Statement

In addition, you can also read the questions raised by members and the responses provided by the Board.

Read the questions raised by members and the responses provided by the Board

View the results of the resolutions on our website

We would like to thank our members for the overwhelming support you gave to the Board’s recommendations. This year 1,175 members voted and as a direct result of your participation, the Society has made a charitable donation of £2,350 to our selected charity, Keech Hospice. harpendenbs.co.uk

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The Birth of Mutual Building Societies…

What is a Mutual Building Society…?

Mutuals - putting members first...

A financial institution that is owned by its members, who are also its customers. Unlike banks, which are often owned by shareholders, building societies are mutual organisations where members have a say in how the society is run, and profits are reinvested back into the society rather than distributed as dividends to external shareholders.

Currently there are 42 building societies in the UK, far fewer than the 1,700 that were active in 1910.

As a collective…the building society sector has 23 million savers and £397 billion in residential mortgages. Societies also consistently score better for customer service than banks, with 93% of customers saying their building society provides good customer service (versus 87% of bank customers*).

Key Characteristics of a Mutual Building Society: Member-Owned: The society is owned by its members, who also benefit from its services.

No External Shareholders: Building societies do not have external shareholders to whom they must pay dividends.

It’s hard to imagine what life was like back in the mid-1700s in England…it was a time of change…with huge growth in industry and business within towns and cities. But with poverty widespread across the country and nobility remaining powerful…for your everyday worker of humble origins - times were difficult.

Owning property and saving money was impractical and merely only an aspiration for many. However, in 1775 a movement began, and Ketley’s Building Society was launched.

It was the first ‘mutual’ building society: an organisation created by working people to help other working people buy homes by collecting their savings together. Ketley’s Building Society ignited the emergence of mutuals…providing the chance for everyday working people to become homeowners and savers.

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And how the early mutual movement grew… by 1910 there were over 1,700 societies supporting over 600,000 members nationwide.

As we fast forward to today – the Building Societies Association and mutuals nationwide are celebrating the 250th anniversary year of the first known building society. This provides us with the opportunity to reflect on our origins and how the purpose of building societies and mutuals has evolved over time – and we are still growing.

Mutuals are based upon the simple idea of people coming together to build stronger communities, create greater financial resilience and provide access to homeownership to the masses rather than the elite.

Focus on Members' Needs: The primary focus is on serving the needs of its members, who are also the owners.

Mutualism: The concept of mutualism, where members pool resources to benefit each other, is a core principle.

Voting Rights: Members have voting rights in relation to how the society is run.

Reinvestment of Profits: Profits are usually reinvested to improve the service, rather than being distributed to external shareholders. *Compared to the average savings rates offered by banks in 2019 – 2023 (latest data available).

Some large mutuals are household names nationwide whilst others operate in specific regions and locations or have niches in particular types of mortgages. Regardless of size, location, or product offering – all mutuals remain united in their foundations of being owned by their customers and don’t pay a single penny to external shareholders.

Supporting the local community…

Mutuals aim to continue supporting local charities, events and organisations which contribute to the quality of life in the communities they serve.

From charity funding to volunteering, financial education to a presence on your local high street, societies reinvest profits to make things better for members and their communities - principles which have held strong and can be traced back to those original societies of the eighteenth century.

Building Societies will have Corporate Social Responsibility programmes and Environmental, Social and Governance objectives.

These behaviours are to demonstrate: A commitment to providing responsible financial services Serving customers with honesty and integrity Recognising employees’ contributions and their part in a company’s success Striving to optimise benefits for their members harpendenbs.co.uk

9

Banks vs Building Societies…

Proudly different - Mutuals. The numbers add up…

£5.4bn more interest paid to savers.*

497k

mortgages to first-time buyers in five years.**

30% share

93%

93%

72%

of customers say we provide good customer service.

Celebrating 250 years of Mutuals…

The Building Societies Association (BSA) was established in 1869. It is the voice for all 42 UK building societies, including both mutual banks, and 7 of the largest Credit Unions.

The BSA represents a diverse group of financial services providers; some are household names, delivering services across the UK, some operate only in certain areas and are more familiar to the people who live there; whilst others operate nationally out of a single office location.

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What unites these institutions stems from the fact they are not shareholder-owned, rather they are either wholly or majorityowned by the people that actually save or borrow with them, their customers, sometimes called members.

of customers say they would recommend us.

of high street branches, up from 14% in 2012.

of customers said we are an important part of the community.

*Compared to the average savings rates offered by banks in 2019 – 2023 (latest data available). **in the five years to September 2024. Statistics courtesy of www.theoriginalmoneymovement.co.uk

Why choose a Building Society or Credit Union over a bank?

Building Societies & Credit Unions are different because…

• We reinvest our profits, so you get better rates.

Unlike banks who…

• We don’t pay out to external shareholders, because we don’t have any.

• Prioritise making as much profit as possible.

• We’re owned by you, so it’s you we’re working for.

• We value you as an individual.

• We take pride in treating you fairly.

• We’re genuinely committed to supporting communities.

• We’re keeping branches open, and we’re opening more.

• We’re purpose driven, and we are truly sustainable.

• Pay dividends to their external shareholders.

• Don’t offer the same longterm value to customers.

• Close branches and abandon high streets.

• We’ve got 250 years of doing the right thing.

Whether giving first-time buyers a boost onto the ladder, supporting savers make the most of their hard-earned cash, or giving back to local causes, building societies have stood proudly at the forefront of the UK's financial landscape for a quarter of a century, offering people across the country an alternative to a bank.

Of course, the path over 250 years has not been all plain sailing for building societies. The financial crisis of 2008 was also a challenging time for building societies, but the sector has emerged from these events leaner and stronger than ever before. And we plan to celebrate 250 years of existence in style in 2025. Please use the campaign hashtags on all social posts: #OriginalMoneyMovement.

Statistics and some content courtesy of bsa.org.uk

Watch the campaign film Access the original money movement website

harpendenbs.co.uk

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Charity of the Year

Keech Hospice is the Harpenden Building Society Charity of the Year for 2025.

Keech Hospice is a registered hospice charity that provides free specialist end-of-life care for people of all ages. Caring and supporting adults, children and their families across Bedfordshire, Hertfordshire, and Milton Keynes with life-limiting conditions.

This support can be provided at home, over the phone, in a hospice, or wherever it’s required the most.

Keech Hospice is one of only few hospices in the country offering both adult and children’s care services. Their approach is non-judgemental and non-discriminatory, ensuring equal access for all. The mission is to lead the way in providing excellent care, supporting adults and children with life-limiting conditions, helping them to live well and make every day count. This support extends to loved ones and is free to all who need it.

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Keech has been supporting the local community for over 30 years. Making the difference when it matters most.

Their support begins as soon as it is needed, whether that is at the point of diagnosis, or when a symptom or support need arises.

Over 70% of Keech’s funding is raised through extremely generous donations from the local community and the sale of donated goods in their shops. In addition, the NHS and local authorities make a funding contribution too which is always vital.

From humble beginnings in 1986 to becoming one of the UK’s leading hospice providers, Keech’s journey is a testament to the power of a shared vision and community spirit.

Here at Harpenden, we are thrilled to be supporting such an incredible charity and look forward to working with Keech throughout the year.

Scan the QR codes below...

Colleague support for Keech Volunteering

Bake Sale

In February, five of our colleagues volunteered at a Keech Hospice charity shop in Harpenden. Keech have charity shops all over Hertfordshire and Bedfordshire which provides much needed income to provide nursing care for patients.

In March, our colleague s got their aprons on and took part in a bake sale to help raise fund s for Keech Hospice. Fr om chocolate brownies and sausage rolls to ba nana bread and Victoria sponge.

The main assignment for the day for our colleagues was sorting through donated clothes, shoes, toys, books and other items and keeping the stock that was of good enough quality to be sold in the shop.

Additionally, our team were also tasked with adding price labels to the stock, so it was all ready to be displayed.

View Keech 2024 impact report

Find your local store

to raise a fantastic £3 42.

We love our sweet trea ts here at Harpenden; therefore, another bake sale will take place later in the year.

An enjoyable day was had by our team, especially knowing the difference this can make. More volunteering days at Keech will be scheduled throughout the year.

Easter raffles

View their story

Fundraise for Keech

In total, we managed

Annual General Meeting As previously mentioned, our AGM took place on Friday 25th April at Rothamsted Research Centre. We would like to thank t our members for the overwhelming suppor you gave to the Board’s recommendations.

This year 1175 members voted and as a direct result of your participation, the Society have made a charitable donation of £2,350 to Keech Hospice.

Our Harpenden, Radlett an d Tring branches conducted Easter raffles in April to raise money for Keech. As can be viewe d in the pictures, some great hampers were put together by our branch colleagues.

Throughout the three bran ches we managed to raise £453 .

All winners were informed just before the Easter break. Al l were thrilled with their hampers which was great to see.

harpendenbs.co.uk

13

OPEN DOOR

Volunteering

Across two days in March, colleagues from our Operations and Commercial teams visited Open Door in Berkhamsted, a community garden and café, to visit the amazing volunteers, learn more about the positive impact they are having on the local community and get stuck into some gardening!

This was a great opportunity for our colleagues to spend time with the volunteers and see first-hand the hard work that goes into creating and upholding this strong community space.

Our teams were put to good use and the volunteers were hugely grateful for all our efforts throughout both days.

Open Door is a community centre where the goal is to help tackle social inequality and isolation by creating a space where everyone is welcome to connect and contribute, for their own wellbeing and the wellbeing of the wider community. There is a café on site where all members of the community are encouraged to meet friends (new and old!).

Our colleagues got the chance to sample the tea and cake within the café during their wellearned lunch break.

There is also a community pantry open 24/7 encouraging the community to “take what they need and leave what they can”, a great initiative especially during the ongoing cost of living crisis.

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Colleague

stories

My story - careers fair

The Open Door ‘Wellbeing through Food’ project focuses on promoting social connections through food and the benefits that cooking, sharing and appreciating food can bring to wellbeing, often using produce directly from the community garden!

In March, I was delighted to be able to attend my son’s secondary school for a careers fair. This gave me the opportunity to promote our Society as well as the Financial Services Industry amongst the younger generation.

I felt privileged to be there, and talk to so many students, of a variety of ages, about all things careers within the industry. It was insightful for me, as much as it was for the students.

Last year, Harpenden Building Society donated £7,200 to Open Door. It has been amazing to support this positive influence on our wider community. The opportunity to visit the centre and meet and thank the volunteers was fantastic.

I received very positive feedback from the school, the students and even my son! I was able to do this using one of my paid volunteering days all society employees benefit from and I feel this was time very well spent.

We look forward to visiting again soon!

Scan to find out more about Open Door

Gemma Gemma Fient Director of Operations

Pizza making In April, our first colleague social event of the year took place as we went to Pizza Express to make our own pizza.

We are not sure Gordon Ramsay will be worried about any of us coming for his job, however the pizzas on display looked fantastic. The same probably can’t be said for our colleagues in their hats and aprons.

When cooked, everyone was delighted with their pizza, which of course always tastes that bit better when cooked by yourself.

It is not often that colleagues from the head office and branches manage to get together, so social events such as these are a great way to enhance team bonding.

A terrific time was had by all, we look forward to our next social event which will be held in June.

Jon’s achievement Congratulations to our Product Manager for Savings Jon Sweeting who recently achieved a new certification: Chartered Manager from Chartered Management Institute.

After tying together nearly 25 years of financial services experience and evidencing some of the successes and challenges that has afforded him, Jon has accomplished the ultimate accolade in management.

This recognises his status as a professional manager and the positive impact he is making in his career.

A fantastic achievement, everyone at HBS is extremely proud of you Jon! Well done! harpendenbs.co.uk

15

HBS Grants Update Harpenden Hopper The Harpenden Hopper community minibus service continues to go from strength to strength. The Hopper minibus serves the residents of Harpenden providing a muchneeded link for many people who no longer drive or feel vulnerable taking their cars into the busy town centre and trying to find a parking space.

The service runs 5 days a week to a timetable and follows a dedicated route through the main Harpenden residential areas – areas that are not directly served by the main bus services.

The service is run by a team of 22 volunteer drivers who cheerfully collect a wide range of passengers throughout the town and are proud to be part of such an essential service.

Over the years the passengers have become a community. Many have made new friends and now look out for each other. The number of passenger journeys each week now regularly exceeds 200 and it continues to rise.

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HBS grant:

£4,000

In recent years the Hopper drivers have laid on an annual summer tea party for the passengers at St Nicholas church hall which includes home-made cakes made by some of the drivers. At the last tea-party in August 2024 some 70-80 passengers came along.

The Hopper team also provide private hire of the minibus for local church, social and charity groups. This is also a growing part of the service.

Scan to view more about Harpenden Hopper:

Wheathampstead HBS grant: Wanderers Football Club Pavilion Project

£10,000

On Friday 25th April, Wheathampstead Wanderers Football Club (WWFC) officially opened their pavilion.

Everyone who was involved with the project was invited down to mark the opening ceremony. After being shown around the facilities, various speeches were made about the history of the club and the project itself.

It was clear to see how much it meant to everyone associated with WWFC that after years of meetings and hard work, the project was finally complete. After the speeches, we were invited outside to watch the mayor cut the ribbon and officially open the pavilion.

The pavilion includes changing facilities, a club training room, toilets (with disabled access) and a kitchen, for serving hot and cold refreshments on match days. The outside parking area has also been redesigned to accommodate 130 spaces (an increase from 100 spaces).

The facilities looked amazing and will certainly provide a huge boost for such a fantastic community club. A lot of hard work has gone into the project from many people, and it was great to see so many happy faces.

WWFC were beyond grateful for the support Harpenden provided for this project.

Scan to visit WWFC website:

harpendenbs.co.uk

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HBS Grants Update The Rotary Club of Leighton Linslade HBS grant: “Yes We Can”

£3,000

The Rotary Club of Leighton Linslade “Yes We Can” program has recently been able to expand its commitment to support Disability Groups in the local area through its Outreach initiative.

Inserting sports coaches into disability support groups, like Tibbs Dementia, Mencap, and Parkinson’s normal settings is an innovative approach to ensure that exercise connected to sport is open to a wider audience and doesn’t require individuals to attend a separate sports evening when for some this would be difficult.

In addition, coaches are able to deliver a variety of sports related activities that are designed to appeal to a diverse group. So it’s not always one sport, which minimises the risk of disengagement.

This initiative has also encouraged the more active to consider attending an additional sport session. The overall “Yes We Can” program now provides opportunities to participate in Football, Cricket, Croquet, Golf, Hockey, Sailing, Swimming and Tennis.

As “Yes We Can” approaches its eighth birthday, it’s very special to see those with a disability enjoying sporting opportunities that many in the community take for granted.

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Scan to find out more about the “Yes We Can” initiative:

HBS grant:

£4,718.75

Citizen’s Advice Money Management Advice for Young People Current funding has now run out after workshops were delivered to 581 pupils in a total of eight primary schools within the local community. This represented amazing value for money, working out at less than £10 per child.

There is a waiting list of schools that would like Citizen’s Advice to deliver these workshops to their pupils. The team are keen to deliver more in the future so that the younger generation are receiving meaningful financial education.

Further applications for funding are currently being pursued to enable the programme to run again. Juan, who will lead the programme going forward recently appeared on Mix 92.6 FM to talk about the workshops with interviewer Elly O’ Meara.

Here is some feedback from a teacher at one of the primary schools where a session was delivered: “Thank you so much for this afternoon!

The children had such an amazing experience and really learned so much!

The activities were brilliant in helping them understand important skills of money management - I particularly liked playing 'Black Jack' with them and the children loved listening to Rich Ricky!“

Scan to view more about our funding for the workshops: harpendenbs.co.uk

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2009

Creation of Harpenden Building Society Charitable Fund

Over

£206k

Funding support supplied

Supporting our community:

Making a difference At Harpenden Building Society, supporting our local community has always been at the heart and soul of everything we do and we’re proud to be committed to giving back to the community and local initiatives.

One of the ways we do this is through our partnership with Hertfordshire Community Foundation (HCF).

Who are Hertfordshire Community Foundation?

Our Harpenden Building Society Fund

HCF is an independent charity dedicated to making local giving easy, effective and impactful.

Back in 2009, we set up our own charitable fund with HCF: The Harpenden Building Society Fund. This dedicated fund focuses on supporting projects related to children, health, and our local community.

For over 30 years, they’ve been providing vital grants to grassroots charities, volunteer-led groups and families facing crisis across the county. HCF ensures that generosity from local people and organisations reaches those who need it most.

These are often the smaller, unsung charities that many of us might not have heard of, yet their work is absolutely essential.

Whether it’s mental health support for young people, homelessness services, or bereavement counselling for children, these local groups are there when people need them the most.

2023/24

4

Grants awarded

Over

£19k Total funding

900

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Local people benefiting

Since then, we’ve awarded 43 grants, totalling over £206k and have helped improve the lives of over 19,000 local people.

In the last financial year alone (2023/24), we awarded 4 grants, totalling £19,162.75. These grants supported projects and services that benefited more than 900 people in our area - making a real and lasting difference.

Why this matters?

While national charities play an important role, it’s often the small, local organisations, those run by volunteers or people who’ve lived through difficult experiences themselves - who are there on the ground, providing immediate and personal support.

Find out more about Hertfordshire Community Foundation

43

Number of grants we’ve awarded

19,000 Local people positively impacted

Yet these charities can find it incredibly tough to survive, especially in today’s economic climate. They don’t have large fundraising teams or financial reserves, which is why the support we’re able to provide through HCF is so important.

Read more on our website about how we help our communities harpendenbs.co.uk

21

Youth Talk’s vision: Every young person can talk to someone who can help with whatever’s worrying them

Young People, Big Impact: Meet the Youth Panel helping to shape Youth Talk

At Youth Talk, young people don’t just use the charity’s services - they help shape them.

Youth Talk’s Youth Panel is a passionate group of local young people aged 13 to 25.

They volunteer their precious time to ensure the voice of young people is heard at every level of the charity’s decision-making and service design.

From the look and feel of the counselling centre, to how services are delivered and promoted, right through to helping with fundraising and representing Youth Talk at external events, the panel plays a key role bringing fresh ideas, lived experience, and a whole lot of heart.

A space to be heard The Youth Panel is made up of a diverse group of young people from across the local area. Some bring valuable lived experience, having previously accessed Youth Talk’s services and are now keen to give back.

Others are passionate about mental health and want to make a difference for their peers.

And some are simply looking to support a local charity they believe in - using their voices and ideas to help shape a service that truly reflects the needs of young people today.

“Our Youth Panel is so much more than just giving us feedback. Our panel is involved in real decisions, real projects, and real change. They’re an inspiration.”

Kaz Underwood, Youth Talk’s Operations Manager

“Being part of the Youth Panel has been really empowering,” says one member.

“It’s not a token thing, our ideas actually make a difference.”

Another panel member shared: “It’s amazing to be part of something where our ideas matter. I’ve seen changes happen because of things we suggested – it feels empowering.”

The group stays connected through a dedicated WhatsApp group chat and also meets in person at the very counselling centre they helped design. They share ideas, challenge assumptions, and contribute to a wide range of projects - usually helped along by pizza and treats! Whether it’s shaping new services, giving feedback on campaigns, speaking at external events, supporting fundraising activities, or presenting at Youth Talk’s annual team event - their impact is felt throughout the charity.

There’s no one-size-fits-all. Some members are outgoing and eager to present; others are quiet thinkers who contribute behind the scenes. Each voice matters and adds to the strength and insight of the group.

Powering a brighter future As demand for Youth Talk’s free, confidential counselling service continues to rise, the Youth Panel ensures the charity remains grounded in the real, evolving needs of young people across the community.

By giving young people a seat at the table, and truly listening, Youth Talk is building a stronger, more responsive future.

As one panel member put it: “If something we say today helps make Youth Talk even better for someone tomorrow, then that’s amazing.”

Scan to donate to Youth Talk and help them to continue providing essential counselling sessions

Scan to visit the Youth Talk website

You can also follow Youth Talk on social media.

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harpendenbs.co.uk

harpendenbs.co.uk

23

It’s all change... we continually aim to improve We have recently delivered several significant changes within our teams and departments – who are actively involved in the assessments, testing, go-live and post go-live assurance checks of our services and platforms. Our key aim is to ensure that we minimise the risks to our business services and members. Our teams are encouraged to raise ideas, suggest improvements and look ahead.

As my role as Director of IT & Transformation within the Society - I am a member of the Executive Team and have responsibility for IT & Change teams, in addition to Premises, Facilities, Health & Safety and Operational Resilience.

In recent times a lot has changed within the business, and I thought I’d give you an overview explaining what we are delivering for our colleagues and our members.

“Change” is something that we as a business are keen to deliver. The Society must ensure it remains relevant and provides the facilities and services our colleagues, and existing and new members require and expect. Change is something that we fully embrace and don’t fear.

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Previously, the Society had some legacy IT infrastructure which was dated and expensive to maintain. In recent years we have transformed the IT architecture to ensure we have a modern, flexible and adaptable platform that will allow us to enhance and improve our systems.

We have also invested in our offices, resolving several maintenance issues and carrying out a redecoration; including fitting new carpets, resolving issues with roofs and improving the electrics and facilities.

Our Change Committee We have a ‘Change Committee’ – a group of colleagues which assesses change projects to drive forward transformation. The Committee consider any of the following factors when assessing whether a project is agreed and prioritised: • Does it aid delivery of growth by attracting new customers and retaining existing?

• Is it ensuring we are resilient and that we can manage disruptions that will occur?

• Is it relevant by providing the products and services our customers require?

• Any reduction on our operational risks, by removing manual processing and using automation where possible?

• Will it improve our customer service?

• Does it identify and implement any efficiency improvements for colleagues?

• Will it improve the customer experience to existing and new customers?

• Does it enhance the Broker experience?

Here are some recent examples of completed change projects we have delivered…

• Works at Leighton Buzzard branch to resolve issues with the damp in the basement, which required a temporary closure of the branch (many thanks for the patience and understanding of our branch team and members during the closure period).

• New air conditioning was installed into our head office, following which we carried out some re-decoration works.

• An upgrade of our Online Banking system to the latest release delivering several fixes and improvements for members.

• An upgrade to our core banking system to implement a new regulatory requirement.

• Delivery of Confirmation of Payee (the account name checking service) as part of the industry roll-out across UK financial institutions aimed at reducing misdirected payments.

• Upgrades to our branch networks to deliver increased bandwidth and improvements to Wi-Fi service.

• Regulatory/Compliance requirements – any mandatory requirements the UK regulators require us to implement?

• Cyber/Data Security – does it aid ongoing investment and improvements?

We carefully assess all completed projects to ensure that these have delivered the expected benefits and improvements we had planned. We always hold internal discussions after each project to learn any lessons and build into our continual improvement process.

We are currently working on several projects - including upgrades to our Online Banking and Broker portal systems which will further improve our operational efficiency through automated processing and provide platforms for new product launches.

We could not deliver change within the Harpenden without the efforts and commitments of the amazing teams and colleagues who are involved – thank you.

Gary

Gary Richardson Director of IT & Transformation

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Savings Advice: The 50/30/20 Budgeting Method

50/30/20 rule example As an example, if your monthly income is £2,000 after-tax, following the 50/30/20 rule that would break down into: Needs

£1,000

With rising costs continuing for UK households, the importance of budgeting and creating a spending plan is becoming increasingly more essential. If you haven’t got one in place already, it can be daunting knowing where to start. Here we explore a useful budgeting method that is continuing to be popular: the 50/30/20 rule.

• Mortgage or rent payments • Food shop

The 50/30/20 budget rule is as follows:

Wants

• Put the remaining 20% towards ‘savings’.

It’s a good idea to regularly check your income and outgoings. That way, you know exactly what your situation is, have more control over your finances, and can avoid unexpected surprises.

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Needs

50%

£400

Needs are classed as outgoings that you need to pay each month.

These payments are usually the largest. Needs can vary; however, some typical examples may include:

It’s a budgeting method that can help you effectively manage your money on a monthly basis. Saving up for something special? Or just want to have better control of your money? This helpful technique is easy to use, so why not give it a go and see what difference it can make to your finances.

• Spend 30% on ‘wants'.

£600

Savings

50% on ‘Needs’

What is the 50/30/20 rule?

• Spend 50% of your income (after tax) on essential ‘needs’.

Wants

30% Savings

20%

• Utility bills

• Childcare

• Insurance

• Minimum borrowing repayments

• Transport

Whilst you may think it is difficult to reduce spending on your needs, there are ways you may be able to achieve this. For example, by comparing prices across various utility providers, you could get a cheaper rate elsewhere.

Useful comparison sites include: Compare the Market:

Go Compare:

MoneySuperMarket:

Other ways to try save money on your needs include: • Shopping at different supermarkets for better deals.

• Meal planning.

• Switching to a cheaper phone contract.

• Switching your car insurance.

• Be more efficient with your energy use at home.

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30% on ‘Wants’

20% on ‘Savings’

‘Wants’ can be classified as non-essential expenses. These are things or areas you would like to spend your money on, but can go without if needed.

After organising your needs and wants, you should be left with 20% to put into savings.

What you save for is up to you. Having a particular savings target or goal can be a great motivator and help you stay on track.

Whether it be towards a holiday, some designer clothes, or setting aside for your dream home, every little helps.

Wants do vary from person to person, but may include things such as:

• Trips or holidays • Eating out, ordering takeaways or coffee shop purchases • Subscriptions

(for example Spotify, Netflix, Amazon Prime etc.)

• Memberships • Sports events • Non-essential clothes Delving deeper into your outgoings can help you avoid impulse buying or stop you paying for services you don’t use or need.

If you find you are spending more than 30% on wants in a month, try to ask yourself “Do I really need this?” or “Could I get this cheaper if I shopped around?”

Many of us spend money on areas we think we need, but in reality, use very little. Subscriptions are a prime example of this. The average Brit spends £696 a year, or £58 a month, on subscription services, including streaming*.

Whereas, according to Citizens Advice, consumers spent £688 million on unused subscriptions in the last year**.

Sources: *finder.com - Subscription service statistics **Citizens Advice - Consumers spend £688 million on unused subscriptions

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Having a rainy day or emergency fund is also just as important. Unfortunately, unexpected circumstances can happen. In a time of need, you will be thankful for having a financial buffer to fall back on. As a rule, it is suggested having enough money in an emergency fund to cover your expenses for at least three months.

Or, if more suitable, these savings set aside could be used to pay off any outstanding debts or repayments. Putting away a certain percentage of your monthly income every month will certainly start to add up in the long run.

When it comes to saving, having an appropriate savings account which befits your needs is key. Do you have long term savings goals? A fixed term savings account may be best for you. Whereas, if you are saving towards an emergency fund, an instant access account would be more suitable. Having the wrong access to your account when you need it most can cause unnecessary stress.

Be sure to do your research.

Unforeseen issues can include: • Medical emergencies • Urgent home repairs • Car issues • Job loss

Wants Needs

50%

30% Savings

20%

This budgeting method is just one way to manage your money and save. Ultimately, everyone is different, and you may have circumstances where this approach isn’t suitable. If you feel like the percentages are too big, slightly adjust them to cater for you. If this isn’t right for you, there are other budgeting methods in place to help you get the most out of your money. harpendenbs.co.uk

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Jon’s Savings

g o l B

Once again, I’ve been invited to channel my thoughts and perspectives - previously shared with my colleagues - into a format that our members might genuinely enjoy.

Choosing the right savings account to meet your goals can be a minefield, further exacerbated by nearly all the data available in the world at your fingertips, where information (and I speak from bitter experience) can be somewhat overwhelming.

So, what I have tried to do is explain the most common types of savings accounts and how they can fit different goals and needs.

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Easy access savings accounts These can also be known as instant access saving accounts; this type of savings account gives you pretty much immediate access to your money. You pay cash into them, earn some interest on your savings, and take out your money whenever you want, with no fees or charges. Keep in mind that some institutions will limit the number of withdrawals you can make.

You can typically open an easy access savings account online in a few minutes; however, easy access accounts tend to offer lower interest rates than other savings products and that these interest rates are variable, they can go up and down depending on changes in the market.

An easy access savings account might be a good choice if you: • Need instant access to your money, for example, if this is your emergency fund.

• Need to start small with your savings.

Notice savings accounts

Fixed term savings accounts

Instead of allowing instant access to your funds, a notice savings account requires you to give advance notice before taking your money out. This means that you need to submit a request for withdrawal. Depending on your bank or building society, you can do this online, or you may need to mail a signed request form. With some providers you won't be able to withdraw before your notice period is complete. Others may let you withdraw early, but only if you pay an interest charge. The withdrawal notice period varies depending on the institution and can range from anywhere between 7 days to 195 days.

Also known as fixed rate bonds or fixed rate accounts, these accounts let you lock your money away for a set period, usually one to five years. You won't be able to access your money before the end of the agreed term, or if you’re able to, you’ll likely incur an interest charge.

Notice accounts generally require a higher minimum opening deposit when compared to easy access accounts, however they tend to offer a higher interest rate. You can also expect that the longer the notice period, the higher the interest rate.

Generally, notice account rates tend to be variable, however an added benefit is that notice is reciprocal, i.e. the institution will give you notice before implementing a rate reduction.

In return, for the length of the term, you'll get a guaranteed interest rate that is generally higher than what you'd get from other savings accounts. This means you'll be protected if interest rates fall in the future.

But you may miss out on potential earnings if interest rates go up. Typically, you'll need at least £1,000 for a minimum deposit.

A fixed term savings account might be a good choice if you: • Have a lump sum that you're willing to lock away for long-term goals.

• Want a fixed interest rate for the term duration and a guaranteed return on your savings.

• Don't want to add money to your savings regularly.

A notice savings account might be a good choice if you: • Want to save up for a goal with a specific time frame, such as paying for a house deposit or a wedding.

• Want to put a barrier between you and your money to avoid impulse spending.

• Don't need instant access to your savings.

• Want to add money to your account whenever you like.

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Regular savings account

Savings and tax treatment

Individual savings accounts

Final thoughts...

Regular savings accounts require you to put away a certain amount of money each month for an agreed period, typically 12 months. Depending on your bank, the monthly commitment can be anywhere between £10 and £500. You could face an interest charge if you miss a deposit or take money out during the agreed term.

While you may need to pay tax on interest earned on your savings in the UK, there are several tax-free allowances you could take advantage of.

With ISAs, you don’t have to pay tax on the interest you earn. However, there is a limit on how much you can deposit into an ISA each tax year, known as your ISA allowance, which is currently £20,000.

If you're thinking about opening a new savings account, consider your goals, how much you have to get started, and how often you need to access your funds. Once you've picked the account that best suits your situation, look around for offers from different institutions. While a higher interest rate is attractive, you should also pay attention to the quality of customer service.

While regular savings accounts come with strict terms and conditions, they often offer higher interest rates than easy access or notice accounts. They can also help you develop a saving habit and be disciplined with your money, especially if you struggle to save towards a specific goal.

A regular savings account might be a good choice if you: • Have a reliable source of income for the monthly deposit.

• Want a higher interest rate.

• Want to save a specified amount each month.

Personal allowance This is the set amount of income you can earn tax-free each financial year. For the 2025/2026 tax year, the personal allowance is £12,570. You can use your personal allowance to shelter interest on your savings from tax if you haven't used it up on your wages, pension, or other income.

Your allowance depends on the income tax band you fall into: • If you're a basic rate (20%) taxpayer, your allowance is £1,000.

• If you're a higher rate (40%) taxpayer, your allowance is £500.

• If you're an additional rate (45%) taxpayer, you won't have a personal savings allowance.

Alternatively, you can use individual savings accounts (ISAs) to protect your savings from tax.

Note that if you don’t use all of your allowance before the end of the tax year, you can’t carry over any unused allowance to the next year. Your ISA allowance resets on April 6th each year.

An ISA might be a good choice if you: • Want to earn tax-free interest on your savings.

• Want to save for long-term goals, such as retirement or your first home.

• Want to deposit your money however you like, in a one-off lump sum or monthly payments, as long as you don't go over the yearly ISA allowance.

Since each savings account has its own terms and conditions, make sure to read and understand them before you apply.

Watch out for hidden fees and charges.

Last but not least, review your savings account once or twice a year to see whether it's still the right place to grow your money.

If you decide to switch accounts, remember to check for any additional charges.

Jon Sweeting Product Manager (Savings)

• Don't need emergency access to your funds.

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harpendenbs.co.uk

harpendenbs.co.uk

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From around s e h c ourBran Here at the Harpenden branch, we remain busy helping our customers however we can. We are still one of the only remaining financial institutions left in Harpenden, so our customers are always grateful for us being open and having a friendly face to speak to.

Recently we have had some colleague changes at our branch. After 10 years, Steve, a familiar face to many of our members has now retired. Everyone wishes him all the best for the future and of course a very happy retirement. We also bid a fond farewell to Wendy who will leave Harpenden on May 28th after 2 years. We all wish her well with her next endeavour.

We are delighted to welcome a new Branch Associate to the team. Tabitha joined us on April 28th and is settling in really well. We look forward to our members meeting her when they pop into the branch. Additionally, we are also in the process of recruiting for another Branch Associate to join our team, so stay tuned!

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After what feels like a lifetime, we are delighted that our Leighton Buzzard branch re-opened to the public on Wednesday 7th May. Issues with severe damp in the basement has now been resolved. Many thanks for the patience and understanding of our members during the closure period.

Our Leighton Buzzard team have been working out of our other branches or working from home whilst the branch has been closed. We are thrilled to be back and to be interacting with our wonderful customers again. We have missed you all!

Harpenden

Last month, we conducted an Easter raffle and raised £258.00 for our charity of the year Keech Hospice. You can see our delighted winner collect her hamper in the picture.

Leighton Buzzard

Harpenden branch current opening hours as of May 15th 2025 Monday...............10am - 3:30pm Tuesday...............10am - 3:30pm Wednesday..........10am - 3:30pm Thursday..............10am - 3:30pm Friday................................Closed Saturday................. 9am - Midday Branch details: Aberdeen House, 14 Station Road, Harpenden, Hertfordshire, AL5 4SE T 01582 344204 E enquiries@harpendenbs.co.uk

Harpenden

In other news, our Branch Manager Isabel will be volunteering alongside Vanessa from our Tring branch at Sunnyside Rural Trust in early June. We are really excited for the day and look forward to giving our members an update of how it goes in the next edition of Mutual.

Leighton Buzzard branch current opening hours as of May 15th 2025 Monday............................Closed Tuesday...............10am - 3:30pm Wednesday..........10am - 3:30pm Thursday..............10am - 3:30pm Friday...................10am - 3:30pm Saturday................. 9am - Midday Branch details: 22 Market Square, Leighton Buzzard, Bedfordshire, LU7 1HE T 01525 852525 E enquiries@harpendenbs.co.uk

d r a z z u B Leighton harpendenbs.co.uk

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Harpenden Online

Harpenden Online is a simple and safe way to manage your account(s) online, wherever you are. Register for Harpenden Online to enjoy the convenience of:

Account opening and access to our online savings products

24/7 access to view your accounts on any device

Request payments to your nominated account

Check your interest rates and account information

Update your personal contact information

Opt in to receive our marketing email communication

Securely communicate with our Member Services Team

Our savings products available to open within Harpenden Online are subject to availability and change.

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harpendenbs.co.uk

harpendenbs.co.uk

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CREDIT CARD

CREDIT CARD STATS Approximately

12.2 million credit card transactions happen per day*

FRAUD Credit card fraud is the unauthorised use of an individual’s credit card.

Criminals use various tactics to steal personal information, or even the card itself to make purchases of goods and services. In some cases, criminals can even apply for a credit card in someone’s name without them even knowing.

Once opened, they can then apply for loans, purchase items, and apply for more cards.

With an estimated 59 million credit cards in the UK, fraudsters see this as a prime opportunity to take advantage of susceptible victims. Here we explore different types of credit card fraud and what to look out for, so you don’t get scammed.

Scan to view UK Finance 2024 Annual Fraud Report

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As of January 2025 almost

59 million

Fraud losses on UK-issued cards (debit, credit and other payment cards) totalled

credit cards were in circulation in the UK*

£551.3M in 2023**

*finder.com - Credit card statistics. **UK Finance 2024 Annual Fraud Report.

n o i t n e Att

Lost or stolen cards

on i t n e t t A

The most obvious type of credit card fraud is when a card is lost or stolen. Once the criminal is in possession of a credit card, they will quickly use it for unauthorised transactions until the victim cancels the card.

n

o Attenti

To reduce damage from this type of fraud, remember to report your card as stolen as soon as possible. This will block any future transactions. For an added layer of security, you can also set up your card to require a PIN to be entered before finalising any purchase.

Alternatively, thieves also intercept credit cards sent to cardholders in the mail. Therefore, if you are expecting a credit card and haven’t received it within a reasonable timeframe, call your credit card company or bank to investigate.

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Phishing attacks and malware

Skimming

Phishing attacks and malware software can be used to capture personal information which fraudsters can then use in multiple ways. For example, to commit card-not-present (CNP) fraud. This type of fraud is where physical cards aren’t needed to complete a transaction e.g. online or over the phone.

Having a credit card in your possession is often safe, however be careful, criminals use a tactic called “skimming” which aims to steal your data without you even realising it.

Phishing attacks are where criminals send emails or texts to victims pretending to be from a bank or credit card company. This message will often claim that an account or card has been compromised and requires information to secure it e.g. PIN, account/card number, password or personal data. Often panicked and pressurised, the victim will reveal this information to prevent any further danger.

Unknowingly, they are providing the scammer with everything they need. Remember that a genuine bank or credit card company will never contact you out of the blue to ask for your PIN, passwords or sensitive information.

Skimming is a type of fraud that uses a “skimmer” which is a small electronic device, often placed on ATMs, petrol pumps or point of sale card terminals. Skimmers can work in numerous ways:

Alternatively, fraudsters also use malware to steal account details and passwords. Malware is harmful software that’s downloaded onto a device without the victim’s knowledge. This software can work in the background completely undetected and can capture credit card information as the victim enters it online, for example when making an online purchase. To protect yourself, use antivirus software and update it regularly. Additionally, avoid clicking on suspicious links and downloading files from untrusted sources. This is how malware can get onto your devices.

• A small, inconspicuous device attached on top or inside a card terminal. This device is designed to steal information such as your name, card number and expiry date from the magnetic strip on your card. This takes place when your card enters the machine/terminal.

• A hidden camera or keyboard overlay, designed to capture your PIN information.

These are often used at ATMs. Skimmers can be very hard to detect because they’re designed to blend in perfectly with the card terminal or ATM. Once the data is stolen, criminals will use this how they wish.

This can include cloning your card to make purchases and withdraw money, or selling the information to a third party.

This type of fraud can take some time for the victim to notice there’s a problem. Individuals still have their physical card in their wallet, so they are completely unaware that they have become a victim. Usually, they will not notice until they receive a bank statement.

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Signs to look out for: • Take your time and inspect the card reader. Is it intact? Does it look unusual? Are there any parts which are bulging, unaligned or covered? If so, a skimmer may have been fitted.

• Check for damage on the terminal or ATM which may indicate tampering e.g. scratches, marks, dents, residue.

• Check for hidden cameras.

• Check the keypad. If it feels thicker or higher than usual, or the keys are harder to press, it could be due to an overlay that has been fitted to capture your pin.

Steps you can take to keep yourself safe from skimming: • Only use ATMs in trusted and safe locations e.g. a bank.

• Using contactless payment methods if you can.

• Always cover your pin when you enter it.

• Monitor your accounts regularly.

• If unsure or something doesn’t feel right, either find another way to pay or use another machine. Remember, skimmers can be very hard to detect.

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Identity theft Many different types of credit card fraud involve identity theft. Criminals can use stolen personal information e.g. name, address, birthday and national insurance number in a variety of fraudulent ways: Application fraud - Criminals can use this personal information to apply for multiple credit cards. The criminal will then make several transactions across these cards which are in the name of the victim. Ultimately, the victim will not be liable for any purchases made, however this type of fraud can harm their credit score. Application fraud can go undetected until the victim applies for a credit card themselves or checks their credit report.

Account takeover - Once scammers have access to the information they need, they contact the credit card company pretending to be the card holder. They then use these details to take over the cardholder’s accounts. Passwords, PIN numbers and memorable information will all be changed.

Once this has taken place, criminals will then use the account how they wish.

Lost cards - Fraudsters can also take advantage of this information to contact the cardholder’s bank and report a lost credit card. The bank will issue a new one, but this time the criminal will ensure it is sent to them. Once in possession, they will go on to make as many unauthorised payments as possible until the victim realises something is wrong with their current credit card.

Remember to be very careful with any personal information you have. For example, do not throw any bank statements in the bin. Make sure you shred these so no information can be stolen.

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How to spot card fraud • You notice any unusual transactions on your bank statement.

How you can stay safe from credit card fraud

• Your credit card is unexpectedly declined when making a payment – if this happens, contact your bank immediately.

Keep your card safe and shield your PIN whenever you enter it.

• You see something unusual at an ATM or you don’t get your card or cash from the machine – criminals can tamper with ATM machines to clone your card. Avoid using the machine and contact your bank immediately if you are impacted.

If your card is lost or stolen, report it to your bank immediately.

• You’re making a purchase, and the card machine looks different – criminals can tamper with card machines. Avoid using the card machine if you’re uncertain.

• You are contacted out of the blue via email, text or phone call from a bank or credit card company asking for account details or personal information.

Advice from Take Five to Stop Fraud

Check your bank statements for unauthorised transactions or suspicious transactions you never made.

Do not give out any personal information if you have been contacted out of the blue via phone, email or texts.

If you have online banking/apps, set up your notifications to come through whenever you make a payment, so you know when it wasn’t you.

Make sure only you have access to your post and destroy or shred documents with personal information as soon as you’re done with it.

As soon as your card or new card arrives, sign it straight away. If you’re disposing of your old card, make sure you cut through the chip and dispose of the sections in separate bin bags.

Advice from Take Five to Stop Fraud

Scan to view Take Five to Stop Fraud website:

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48

%

of those who lost money to a scam over the past twelve months received unwanted calls, texts and emails about their pension*

OVER HALF of adults now say pension scams are harder to spot*

Pension Scams

Pension scams are becoming increasingly more frequent in the UK. In 2015, the Pension Schemes Act gave individuals over the age of 55 more flexibility in accessing their pension pot. However, this has allowed scammers to find ways to exploit victims in parting with their hard-earned money which often has been saved up over numerous years.

7.3

MILLION people received unsolicited contact from someone encouraging them to move their pension or release money from it*

559 There were

reports of pension fraud in total and

£17,750,635

harpendenbs.co.uk

Here we explore the most common types of pension scams and explain what to look out for.

Free pension review scam Due to the harmless nature of how this scam sounds, it is frequently used by swindlers.

From fake websites and social media accounts, to direct unsolicited contact, this scam involves an offer to individuals of a ‘free review’ of their pension savings. Once this review has been conducted, the scammer will make up problems with someone’s current pension and persuade the victim into transferring funds to a different scheme which provides greater flexibility and can produce large, guaranteed returns. In reality, these investment opportunities are badly run, high risk, unregulated and sometimes don’t even exist.

Once funds have been transferred, the victim won’t see these ‘promised’ returns and part, or all of their pension pot will be gone for good. These schemes are presented as longterm pension investments; therefore, it can be several years before individuals even realise they have been scammed. Remember if it sounds too good to be true, it normally is.

Additionally, scammers sometimes ask their victims to refer friends, family and colleagues to them. By this point scammers have already built a strong relationship with their original victim, who believes they have received a good service. Individuals who are referred to someone who can help with their pension should remain vigilant and conduct thorough checks.

Remember professional advice on pensions is not free. The only way to get a proper review of your pension is to consult a regulated financial adviser. If you are contacted out of the blue by someone offering a free pension review, it is almost certainly a scam.

Pension Wise from MoneyHelper is a free, government-backed service for over 50s offering clear and impartial guidance on your retirement options.

lost in 2023, with an average loss of

£46,959 44

This scam can target anyone, regardless of how large their pension is. Fraudsters identify potentially vulnerable people and deceive them into transferring or releasing part or even all of their pension, often promising lucrative returns or quick cash.

Pension scams are also becoming harder to identify, leaving the pension holder with significant losses and sometimes serious tax implications.

per person **

*LV= Wealth and Wellbeing Research Programme Spring/Summer 2024 Edition **Action Fraud - Pension Fraud in 2023

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Warning signs of a pension scam • Out of the blue phone calls, email, texts or contact via social media regarding your pension. Since January 2019, cold calling about pensions has been made illegal.

This means you should not be contacted by any company about your pension, unless you’ve asked them to contact you.

• Phrases used like ‘free pension review’, ‘pension liberation’, ‘loan’, ‘savings advance’ ‘loopholes’ or ‘cashback’.

• Guarantees of better or high returns on your pension savings.

• Help to release funds from your pension plan before the age of 55, with no mention of the tax bill that can arise.

• Unique or unusual investment opportunities e.g property abroad. These are usually unregulated and high risk.

• Pressurised sales tactics that refer to opportunities being ‘time limited’ or ‘one-off’.

• Complicated investment structures.

• Claiming to be from government-backed organisations.

Early release scam Offers to access a pension early may also be called ‘pension liberation’ or a ‘pension loan’, as scammers often claim people can borrow money from their pension fund.

For those struggling financially, the opportunity to withdraw money from a pension pot early can be very tempting.

Currently money can only be withdrawn from a pension when someone is 55 or older except in certain cases, such as poor health.

This will increase to 57 from 2028.

If individuals take money out sooner, they are likely to face large tax charges. Fraudsters are using this barrier to exploit potentially vulnerable people.

The scam which is conducted via a third-party lures people to believe they can access their pension early through exploiting a loophole where they don’t have to pay tax. The victims are encouraged to move part or even all their pension into a different pension scheme that allows unauthorised payments. If the offer has been taken up, funds will be transferred into the scheme set up by the scam, which often will be based abroad.

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Individuals will then be ‘loaned’ an amount which was originally promised (sometimes around half of the pension), with the company involved taking a fee, perhaps as much as 30%. This ‘fee’ is where the scammers make their money. Unfortunately, victims are hit twice as hard with this type of scam. Not only could individuals lose a big percentage of their money to scammers through a ‘transfer fee or charge’, HMRC would view this as an unauthorised payment, thus leading to a tax charge up to 55%. Therefore, only a small percentage will be left for the individual.

Be aware, any scheme offering to help release cash from a pension before the age of 55 is usually a scam.

Steps to avoid your pension savings being scammed

What should you do if you think you’ve been scammed?

• Reject any unsolicited approaches such as calls, emails, messages or visitors to your door. Legitimate companies won’t cold call or contact you out of the blue. Also be beware of being talked into something by someone you know. They could be getting scammed too.

There’s support available if you think you’ve been scammed:

• Ensure that the person or firm you’re dealing with is regulated by the Financial Conduct Authority (FCA) and authorised to provide pension advice. Check the FCA register of regulated companies, or the FCA warning list. If you need any further help checking, call the FCA Consumer Helpline on 0800 111 6768.

• Take your time and don’t feel rushed.

Scammers will often try to pressure you into making a decision. There is never a rush. Take your time to make all the checks you need.

• Get impartial advice. Consider seeking financial advice before making any decision regarding your pension arrangements.

MoneyHelper provides free independent, impartial information and guidance over the phone or through webchat.

Action Fraud: Report a scam, or get more advice of scams and fraud.

Financial Conduct Authority: Check whether a company is authorised or view their Warning List of unauthorised companies.

There are also organisations that can help you understand more about pension scams and fraud: Financial Conduct Authority ScamSmart: Keep up to date with the latest investment scams and fraud.

Pension Wise: Independent pension advice through the Pension Wise service from MoneyHelper harpendenbs.co.uk

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How to get involved

A UK-Wide Celebration Monday 2nd – Sunday 8th June Volunteers’ Week is an annual UK-wide campaign held from the first Monday in June to celebrate and recognise the contributions of volunteers.

Launched in 1984, this initiative has been running for over 40 years, providing organisations and communities a platform to thank current and past volunteers for their invaluable efforts.

The campaign highlights the diversity and unity of volunteer work across the UK. Volunteers’ Week fosters connections between national organisations and grassroots groups, celebrating the spirit of volunteering that enriches communities each year.

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The value of volunteering Volunteering is a vital component of UK society, with millions contributing their time and skills annually. These inspiring statistics highlight the incredible contributions of volunteers and the potential for even greater engagement across the UK. • 14.2m UK people formally volunteered at least once a month

• £4.6 billion - Volunteering added in 2024 productivity gains to UK economy • 25m UK people volunteered informally at least once in the year These statistics highlight the remarkable contributions of volunteers across the UK. Together - we can continue to grow the impact of volunteering and create stronger, more connected communities. The above figures are provided by Royal Voluntary Service and NCVO.

Why not host an event…

Recognition or Awards Evening Hearing from those they've helped and receiving formal recognition can mean a lot to volunteers.

Let’s recognise and celebrate volunteers!

The mission for the week remains the same: to highlight the diverse volunteer community, showcase volunteering opportunities, and inspire positive change.

A Celebration Coffee Morning Hosting a Coffee Morning, either in person or virtually, provides a casual, informal way to show appreciation for your volunteers.

Volunteers are the backbone of UK communities, driving countless activities and initiatives. That’s why Volunteers’ Week is dedicated to honouring and recognising their hard work and invaluable contributions each year.

Recruitment Fair or Open Day Attract new volunteers, showcase efforts, and promote your organisation. Hosting a recruitment fair or an open day can help promote and engage potential volunteers.

Host a Big Lunch The Big Lunch weekend takes place this year on 7th - 8th June, making it a fantastic opportunity to celebrate the amazing volunteers who make a difference in our communities.

As you celebrate this year, take a moment to acknowledge every volunteer, past and present.

From trustees to befrienders and fundraisers, this is the perfect time to reflect on their incredible impact.

Share volunteer stories Ask volunteers to share what motivated them to start and continue volunteering.

Throughout the week, events like awards ceremonies, coffee mornings, and informal gatherings will take place. We encourage you to get involved and explore the many ways to participate in this year’s campaign.

Engage on social media Spread the word about Volunteers’ Week by sharing your plans, thank you messages, photos, and videos on social media. Use the official campaign hashtag #VolunteersWeek

Let’s come together to celebrate, appreciate, and inspire positive change in our communities!

Follow all campaign channels to keep up to date with what’s happening across the UK. Let’s make Volunteers’ Week a trending celebration!

Content courtesy of volunteersweek.org

Sign up to stay up-todate with the latest news and events for Volunteers Week

View the Volunteers Week website

Access all the resources available

Men’s Health Week 2025 June 9th to June 15th

Men’s Health Week is an annual observance that aims to raise awareness about the health challenges faced by men and promote strategies for better physical and mental well-being. This significant event encourages men of all ages to prioritise their health, seek preventive care, and engage in conversations about important health issues.

Observed annually during the week leading up to Father’s Day - this timing provides an excellent opportunity to engage fathers, brothers, sons, and male friends in discussions about their health while emphasising the significance of men’s well-being within the context of family and community.

What is the purpose of Men’s Health Week?

It is a dedicated week that shines a spotlight on the unique health concerns impacting men. It serves as a reminder of the importance of addressing and managing health issues proactively. Men’s Health Week encourages men to take charge of their well-being, make informed decisions about their lifestyle choices, and seek appropriate medical support when needed.

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Here are some impactful ways to get involved:

The History of Men’s Health Week:

Schedule a Health Check-up: Routine screenings, such as blood pressure, cholesterol, and prostate exams, can help detect potential health concerns early on, enabling timely intervention and treatment.

Men’s Health Week originated in the United States in 1994 and has since spread to countries around the world. The week was established as an opportunity to address the disparities in men’s health outcomes and advocate for improved health education and awareness among men.

Organise Health Education Sessions: Arrange informative sessions or workshops that address men’s health topics. These can cover areas such as nutrition, exercise, mental health, stress management, and healthy lifestyle habits. Involve local healthcare professionals, fitness experts, and mental health specialists to provide valuable insights and practical tips.

Engage in Physical Activities: Promote physical fitness by organising group activities or sports events. Encourage participation in activities such as group walks, sports tournaments, or fitness challenges.

Physical exercise not only enhances physical health but also supports mental well-being.

Share Health Information: Utilise social media platforms, local newsletters, or community notice boards to share educational content related to men’s health. Raise awareness about specific health concerns, prevention strategies, and available resources. Engage in discussions about the importance of mental health and de-stigmatise seeking help when needed.

Support Men’s Health Organisations: Make donations or volunteer with organisations dedicated to promoting men’s health. These organisations often provide valuable resources, support groups, and educational campaigns to raise awareness and facilitate access to healthcare services for men.

Men’s Health Week presents a valuable opportunity to prioritise men’s well-being, address health challenges, and promote healthy lifestyles. By actively participating in this empowering week, we can make a positive impact on the lives of men in our communities.

Whether it’s encouraging regular check-ups, organising educational sessions, engaging in physical activities, sharing health information, or supporting men’s health organisations, every effort counts towards creating a culture of proactive and holistic health among men.

Let us embrace Men’s Health Week 2025 as a time to raise awareness, foster open conversations, and empower men to take control of their physical and mental wellbeing. Together, we can make a difference and inspire a healthier future for all.

Visit the Men’s Health Week website harpendenbs.co.uk

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COLLEAGUE SPOTLIGHT James Tuck

Assistant Product Manager

What advice would you give to someone who wants to go into your line of work?

How did you end up working in the sector you do?

What do you enjoy most about working for Harpenden?

Having graduated from University in 2022, I knew that I wanted to get into the financial services industry and when I returned from Australia in 2024 and saw an exciting opportunity with Harpenden Building Society, I jumped at it! I started as an Operations Associate but after 6 months I moved across to the Commercial team.

As a novice I have been lucky enough to work with, and have access to, vastly experienced individuals who have been happy to share their knowledge and help me to grow and develop within my role.

What do you love most about your role?

The variety! In any given day we can be dealing with a wide range of projects.

The nature of product management within the financial services industry means that I am regularly working with people from all over the Society, from Marketing to Sales, to Finance and Operations, it never gets boring!

What are the biggest challenges that your role entails?

What recent successes have you and your team achieved?

This year, to achieve the Society’s ambitious growth targets. The Commercial team has already designed and implemented several new products this year including market leading savings accounts. We are currently working on a variety of exciting new mortgage products... watch this space.

Don’t be afraid to ask questions... lots of questions. Asking plenty of questions of my experienced colleagues has helped guide me to understanding a range of product types and the many considerations which go into managing financial products. Something which can seem daunting at first quickly becomes understandable.

What are your goals for 2025?

Who inspires you the most?

Jamie George. Not only is he a world class Rugby player, recently earning his 100th cap for England, but he also comes across as a genuinely nice guy.

Where is your favourite holiday destination?

Having lived in northern New South Wales for close to a year, I would like to go back to Byron Bay to catch up with friends and chase the surf!

Professionally, my goal this year is to continue developing within my role and taking on as much as possible so that I can positively contribute to the teams’ goals. Personally, I am saving diligently to get onto the property ladder, which presents its own challenges!

What is something fun you like doing outside of work?

Meeting up with friends, usually with some kind of sport on in the background!

As a complete beginner within the financial services industry, I have had a great deal to learn, particularly regarding the regulatory framework which governs the sector.

Our annual Consumer Duty review is a large project but continues to ensure that we are providing our members with the best possible outcomes!

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A little bit of housekeeping…

In addition to any regulatory communication we may send you regarding your savings account(s) or mortgage - we deliver two categories of email communication to members…

Membership messaging

Issue 5: May 2025

Page 8-11

Celebrating 250 years of Mutual Building Societies

• Mutual e-magazine and e-newsletters • Membership email campaigns

INSIDE THIS ISSUE:

Page 12

Our Charity of the Year: Keech Hospice

Page 20

Supporting our Community

Page 34

Branches Blogs

Page 44

Pensions Scams

• Improvements or upgrades to our service to members • Customer surveys • Opportunity to review on Smart Money People • Changes to existing accounts or how they operate

WE’D LOVE TO HEAR YOUR STORIES… We welcome our members to send us any stories to include them in future editions… send our editors any of the below: • Any activity of your fundraising achievements

Send us your content, details and any photos or images… we’d love to hear from you.

• Any volunteering or community support you have provided

Contact the team: members@harpendenbs.co.uk

• Do you have any advice you want to provide and inform to other members? Or any specific advice or content you would like us to talk about? Maybe protection online or digital advice…

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Or via post: Editorial team, Harpenden Building Society, Mardall House, 9-11 Vaughan Road, Harpenden AL5 4HU

Marketing campaigns

Saving with us...

Everything you need to know

• Can include promotion of our products • Product launches and criteria changes

Visit us at harpendenbs.co.uk 24689_Everything You Need To Know Booklet.indd 1

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• Why are you receiving the e-magazine?

• How regular is each issue?

Visit Mutual section of our website

• Can you unsubscribe? *Smart Money People - prize draw Prize draw terms and conditions: There is no cost to enter; simply complete the online feedback form including your contact details, or alternatively you can complete this form after receiving a service in one of our local branches.

The email address or phone number you provide may be used by us to respond to your reviews, so we can further improve your experience with us, but will not be used for marketing purposes.

One Smart Money People review will be selected each month to provide a donation to the chosen charity selected by the member. The £100 donation will be allocated by cheque on a monthly basis.

The closing date for completed feedback is the 26th of the month prior to the draw e.g. 26th January will be the closing date for the draw in February. The winner’s identity will remain confidential unless you give explicit consent otherwise. You must be aged 18 or over and entries are limited to 1 per customer, per month. Employees and board members of Harpenden Building Society are not eligible to enter. harpendenbs.co.uk

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Here’s what some of our members have said about us this year…

“They took the time to explain account options and rates.

Really great, friendly and efficient service”

With over 1 million customer reviews, Smart Money People is the UK’s dedicated financial services review site. Smart Money People is where people can read and leave reviews for financial services companies. By reading these reviews, both individuals and businesses can make more informed decisions about who to trust for savings, mortgages, insurance policy, credit card, loan, or pension.

“Pleasant, friendly, knowledgeable staff” “Always friendly, always helpful, always have time for you.

Nice to have a personal touch and have someone to speak to if you have any queries”

Your feedback could win a £100 donation to one of our nominated charities* We’re always looking at ways to improve our service for our members, so if there’s something you think we could do better, or would like to see more of, or you think we’re doing really well we’d love to hear from you.

We’d really appreciate if you could take the time to review your experience with us on the Smart Money People website.

All feedback is reviewed by our management team so any feedback, big or small, will help provide us with valuable insight and ensure that we can continue to provide a personal service to you.

Sometimes it is often the small things that make the big difference!

Leave us a review

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“Most helpful regarding savings, with the customer at the forefront at what they do”

4.29 Based on 372 reviews

5

82%

4

8%

3

4%

2

1%

1

5% Smart Money People score correct as at 12th May 2025.

*Prize draw terms and conditions apply - see page 55 for full details.

harpendenbs.co.uk

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