Charitable assignment

What is the charitable assignment scheme?

This is the arrangement under which all members of the Society joining after 2 November 1997 are required to assign any potential conversion benefits to the Foundation.

Why was the scheme introduced?

The Society introduced the scheme following a long period of disruption caused by speculators seeking conversion benefits. To avoid such disruption, all new members are required to agree to assign to The Foundation any conversion benefits to which they might become entitled in the future.

Can I join the Society without becoming a Foundation member?

No. It is a condition of all new account openings, that if you are not already a member of the Society, you must assign any potential conversion benefits to The Foundation and become a member of The Foundation.

Can I be released from the charitable assignment?

No. The charitable assignment is irrevocable.

What if I was a member of the Society before November 1997, but now open another account?

If you were a member of the Society before 3 November 1997 and have been a member continuously since that date, but now open another account, the charitable assignment will not apply to you. You will not become a member of The Foundation.

What if I close one account and open another?

Provided both accounts are membership accounts and there is no break in membership between one account being closed and the other opened, then the charitable assignment will not apply and you will not become a member of The Foundation.