Sheffield launches UK bond

The Yorkshire-based friendly society is adding the new fund to run alongside its existing investment bond. The Sheffield Mutual Income Bond will allow members to withdraw between two per cent and five per cent of their initial capital investment each year without any immediate tax liability. In addition, the income bond will aim to accumulate capital growth by investing in Sheffield Mutual’s top ranking with-profits fund, which invests in fixed income, equities, property and cash. Andrew Townsley, chief executive of Sheffield Mutual, said: “Income bonds offer investors a tax efficient v...