Is my money safe in a funeral plan? When taking out a funeral plan with RW Barrett and Son your money will be looked after by Funeral Planning Trust. The company Funeral Planning Trust has over twenty years experience in dealing with funeral plans for independent Funeral Directors throughout the UK. When taking out a plan all payments are made directly into Funeral Planning Trust, established in 1995 for the secure deposit of funeral prepayments. The accounts of Funeral Planning Trust are monitored annually by independent actuaries and checked by independent auditors. The payment for the funeral can only be withdrawn from Funeral Planning Trust when the service has been provided or if the plan is cancelled.
How safe is my funeral plan?
A funeral plan is not an investment product but a secure and safe way of paying for your funeral in advance. Each purchaser receives a guarantee that the services itemised in the plan will be provided when required by your chosen Funeral Director.
What happens if Funeral Director were to go bankrupt?
The funeral director does not get the money until the funeral has been provided. Therefore if the funeral director was to go bankrupt another funeral director would be appointed. It is very unusual for funeral directors to close but you are covered if the event should happen.