Kingston Unity joins the Oddfellows family

Updated: 16 Dec 2020

Kingston Unity Friendly Ltd is set to transfer its engagements to the Oddfellows’ financial services brand, Unity Mutual, subject to regulatory approval.

The move follows a 91% delegate vote in favour of the transfer at Kingston Unity’s Special General Meeting held on 14 November 2020.

Kingston Unity will now formally apply to the Prudential Regulation Authority (PRA) to transfer to the Oddfellows, with completion expected 1 February 2021. Moving forward it is anticipated that Kingston Unity will operate under the Unity Mutual name and brand.

Unity Mutual, the Oddfellows' financial services brand, was established in 2018, and offers savings, investment and protection products. Similar to the Oddfellows, Kingston Unity is a not-for-profit mutual with long heritage.

The transfer will see around 100,000 policyholders move to Unity Mutual – a mix of Child Trust Fund accounts, Junior ISAs, ISAs and protection policies. This will bring Unity Mutual's total policyholder count to around 350,0000.

The Kingston Unity members are guaranteed a very warm welcome by all at the Oddfellows and Unity Mutual. Jane Nelson, CEO, the Oddfellows

Speaking about the transfer, the Oddfellows CEO, Jane Nelson, said: “The Oddfellows and Kingston Unity have a similar ethos and complementary values. We are both passionate about mutuality and we are pleased to be able to provide Kingston Unity members with a secure future.

“Through our Unity Mutual brand we are committed to delivering the best value and service for our customers and members through our combined financial strength and our experience of managing a wide product portfolio.

“This will be our fifth acquisition in recent years, following the transfer of engagement of the Druids Sheffield Friendly Society back in 2015, and through those transfers we have developed a competence for being able to provide a seamless transfer and service to the members of those societies. The Kingston Unity members are guaranteed a very warm welcome by all at the Oddfellows and Unity Mutual.”

Kingston Unity Friendly Society CEO, Ben Pears, commented: “We considered a number of potential mutual societies and following an in depth tender process, we are delighted to have selected the Oddfellows. 

“We selected the Oddfellows primarily because of their financial strength, experience in transfers of this nature and clear dedication to serving their members.

“We believe the transfer will not only provide a safe home for our members’ monies and maintain the high levels of member service currently received, but it will also allow them to benefit from the competitive products offered by Unity Mutual, the Oddfellows’ savings and investment brand.”

To find out more about Unity Mutual, visit www.unitymutual.co.uk.