National Deposit History:1868
It was during a meeting at the vicarage in Albury, just outside Guildford, in the spring of 1868 that the Reverend Canon George Portal and a small group of likeminded people formed the Surrey County Deposit Benefit Club. 1872
Expansion was rapid, and within 3 years members were to be found in all the counties surrounding Surrey. It was recognised that the Society would inevitably go nationwide, and the name was changed to National Deposit Friendly Society. 1897
National Deposit launch their own monthly magazine called Depositor, which cost one penny. The magazine is still in existence today, going to all members free of charge on a yearly basis. 1911
Expansion became even more rapid following the introduction of State Benefits in the National Insurance Act and attracted 450,000 new members in the first 6 months. 1912
At the Annual Meeting, a motion that National Deposit should expand into Canada was defeated by only 10 votes – or they would have no doubt become the International Deposit. 1948
Their responsibilities in the area of providing State Benefits carried right through the implementation of the National Insurance Act. This was brought in to provide completely free medical treatment for all – the original National Health Service. Many of the Society’s staff was transferred to the Department of Health to help set up and run the service. 1971
The W H Smith & Sons Friendly Society was acquired. 1973
The Railways Deposit Account was acquired 1978
The Brighton and Sussex Mutual Provident Society were acquired. 1981
A move from London to a new head office in Bristol began, and took two years to complete. 1997
On 1st July the National Ambulance Friendly Society, following agreement from its membership, became part of National Deposit. 2003
Following the establishment of the FSA, the Managing Board was established in April 2003 to strengthen corporate governance. The board is a balance of executive and non-executive directors, the latter bringing valuable business experience to National Deposit from their specific areas of expertise.
2004
The Customs Annuity and Benevolent Fund became the Customs Fund Division of National Deposit. As a result National Deposit inherited high calibre staff and additional policy holders. They are also using their financial resources to accelerate development of their HMRC worksite marketing capabilities, which was also acquired.
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