Sharesave rules

A question about : Sharesave rules

I'm hoping to take part in my new employer's share save scheme in a few months time.

My plan is to put the maximum monthly amount into a 3 year plan. If, after a year, the share vale has dropped Id simply withdraw from the scheme and then go for the maximum amount in 2016 instead.

However, I have read that some schemes don't allow you to do this now and that I would have to wait the full 3 years before I can contribute again. I'm not sure if this is something that is now a general rule (or law) with sharesaves or whether it's specific to certain schemes only. Is anyone able to clarify for me? Ta.

Best answers:

• I would check with the administrator of the SS scheme first.
  I know that I have done this in the past (about 4 years ago), but cannot be sure on the current position.
• My sharesave scheme rules are that I can pay in a maximum of Ј250 per month but that can be split into contributions for a 3 year or 5 year scheme.
  So long as I do not contribute more than Ј250 a month I can pay into multiple schemes.
• Our share save scheme told us that if you ceased paying into a scheme then you could only contribute up to the maximum allowed LESS your cancelled contribution until the original term expired.
  I suggest you check with the scheme administrators or HR
• Same for the company I work for, if you cancel your contributions mid-way through a plan you can then not use that element of your allowance until it would have been completed so you may as well just carry on (assuming you don't stop on affordability reasons).
  This was done in response to people cancelling en-mass when a very cheap option price popped up which since made lots of people lots of money.
• Thanks for the replies. Sounds like it varies from scheme to scheme so I'll check the rules when they get sent out and take it from there
• Another BT enployee here.
  They changed the rules after sharesave 10 when the share price we were offered was around 50p