Questions and Answers – Transition to Discretionary Mutual

Introduction Lady Grover’s Fund (”LGF”) is a Friendly Society authorised to provide health insurance. As such it is regulated by the Prudential Regulatory Authority (“PRA”) and the Financial Conduct Authority (“FCA”). It is run by an elected Committee (all volunteers) and employs a paid Chief Executive. Member Services including claims administration are provided by a trading subsidiary of the Officers Association (“OA”). The OA is a Charity, but not its subsidiary. In December 2020, we wrote to members outlining our proposal to rewrite the constitution and rules of LGF – it would still be Friendly Society, but the provision of claim benefits would be subject to Committee discretion. Members would […]

Lady Grover’s Fund for Officers Corporate Governance Report

The Committee of Management (Board) is accountable to the members of Lady Grover’s Fund (LGF) and UK Regulators for the operation of LGF and regards good corporate governance as fundamental to this responsibility. The Board confirms that this report together with LGF’s annual report and financial statements (available from LGF on request) present a fair, balanced and understandable view of LGF, providing sufficient information for members to assess LGF’s performance, business model and strategy. LGF follows the AFM Corporate Governance Code issued in January 2019.  This code, which focusses on culture within the organisation and stakeholder engagement, sets out Principles of Best Practice to be adopted on a comply and […]

Discretionary Mutuals

An overview document about Discretionary Mutuals as an insurance concept has been prepared by the Association of Financial Mutuals. Click to open the document: “Discretionary Mutuals:an introduction by the Association of Financial Mutuals”

Letter from the Chairman and Chief Executive on the future status of your Society

1 Dec 2020 Dear Lady Grover Member The SituationAs members will know, for several years now your Committee has been adjusting Lady Grover’s Fund subscriptions and Rules as well as our operating patterns and governance, to best protect our long-term ability to support our members. Lady Grover’s, like many other Societies, has an ageing membership and it has not recently been able to attract new members in sufficient numbers. Membership numbers have reduced by about 20% over the last 5 years from a peak of around 3,200. Administration costs are also an issue for the Society; the administration has been outsourced to the Officers’ Association (OA), but this proved insufficient […]

2020 Claims Update

Lady Grover’s Fund provides financial help at the most difficult of times. Lady Grovers’ Fund assists with recovery after illness or injury, bridging the critical gap in healthcare provision which exists between long-term health insurance, the NHS and family support. Whilst there are many grant-giving charities providing support to officer’s dependants, there are few able to provide the level of assistance Lady Grover’s Fund offers. In the first 3 quarters of 2020, Lady Grovers’ Fund has met the claims of 33 members and paid out a total sum of £41K to provide additional nursing, hospital or domestic care to people when they need it most. Period No of Claims Value […]

Interesting Times

Ancient Chinese Curse – “May you live in interesting times”  I joined Lady Grover’s Fund in May, and it has certainly been a challenge working through lockdown. Like many this year, we have had to adapt to new ways of working. Getting to know your new colleagues is a slow process!  Lady Grover looks to the staff of the Officers’ Association (OA) to administer the fund, handle membership queries and, in particular, to process claims. Fortunately, before Covid struck, the OA was already gearing up to enable its staff to work from home – ahead of its move to Reading. Staff have been able to provide their normal service and […]