SFIA Edcational Plans Limited

We hope that this page answers some if not all of your questions but if you cannot find the answer you require, please contact us.

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Can the Plan be altered?

The Plan can be altered in as much as the first term can be brought forward or deferred but there are some restrictions, for example, the last term can never be postponed. If a Plan is altered, the Deed must be endorsed and there is an administration fee which is currently Ł45 per Deed.

Can the payments be used for another child?

No. The termly payments can only be used for the benefit of the child named in the Deed.

How much will the termly payment be next term?

Please ask us for a schedule of termly benefits for the pupil concerned.

What happens if there is an overprovision for fees?

The payments must be brought in line with the actual fees required and the surplus returned to the Donor. If the Plan has not yet commenced termly payments, the Plan will need to be amended, please see Termly Payments - First Term.

If the Plan is a Monthly Investment Annuity.

It may be possible to reduce the monthly premiums and even stop the premiums altogether which could bring the termly benefits in line with the actual fees required.

What happens if the fees are underprovided?

The Plan or Plans may be amended to provide more over a shorter period but there would of course be less or no payments later.

Is it possible to take out a new Plan or top up an existing Plan?

We cannot accept any new business and a top up to an existing Plan would count as new business.

What happens if the pupil leaves fee-paying school?

If the pupil is going on to a university or college, then it may be possible to use the termly benefits towards the costs. See Termly Payments - Students. If the pupil's education has finished, the Plan or Plans must be surrendered and the surrender value returned to the Donor.

What do I do if the cheque I receive for school fees is wrong?

If the payee is wrong, please return the cheque to us with a note of the new school.
If the amount is too much, please also return the cheque to us and let us know the actual fees required. We will issue a new cheque in payment of the fees and another to refund the balance to the Donor. Alternatively, it may be possible to amend the Plan - please see Termly Payments - Alterations.

When is the cheque for the next term due to be sent?

Please see Termly Payments - Dates

SFIA Educational Plans Limited

Frequently Asked Questions