Oddfellows swallows Druids to hit £460m
THE Manchester-based Oddfellows Friendly Society is to take over the assets of the Druids Sheffield Friendly Society, including its Child Trust Fund, ISA and life assurance business.
The deal will increase the Oddfellows assets by £45m to over £460m and result in a combined membership base of more than 320,000 members.
Oddfellows is one of the largest and oldest branch-based friendly societies in the UK with groups across the country meeting for social events.
This is the fourth such transfer in eight years for the Oddfellows, following the successful absorption of the Ideal Benefits Friendly Society, the Nottingham Friendly Society and the Schoolteachers Friendly Society.
Oddfellows chief executive Jane Nelson said: “Friendly societies are under growing regulatory pressure with ever stricter capital adequacy requirements. Joining forces gives us the competitive scale to continue to flourish and it means we’re even better able to meet member needs.
“Over the past eight years we have developed the ability to provide a seamless service to members of societies transferring engagements to the Oddfellows so I know that the Druids Sheffield members are guaranteed a very warm welcome by all at Oddfellows.”
She said the Oddfellows was in a good position to help other friendly societies looking to merge.
“The financial strength of Oddfellows and our experience of managing a wide product portfolio mean we are well placed to tender to take over other funds and run them effectively and efficiently for the benefit of all policyholders.”
Druids chief executive Paul Protheroe said: “We considered a number of potential societies and chose the Oddfellows because of their financial strength, their experience of similar transfers, their straightforward and open approach and their clear focus on serving members.
“We were particularly impressed by Oddfellows’ long and proud history of looking after the financial interests of their members and the close links which can be maintained with the Druid Sheffield members through the Oddfellows branch structure.”
The Druids Sheffield Society, which was formed in 1858, has around 56,000 members, including 52,000 CTF members and 46 lodges.
Following the transfer, which is expected to take place on April 30, the Druids Sheffield will continue to operate under the Druids Sheffield brand with administration transferred into the Oddfellows operations in Manchester and Liverpool. Druids Sheffield will have representation on the Oddfellows management committee responsible for the long-term business.
