The Nationwide Foundation (the Foundation) is a registered charity (number 1065552) established in 1997 and capable of carrying out all charitable purposes under English law.
The Foundation is the beneficiary of the charitable assignment scheme put in place by the Society with effect from 3 November 1997. The scheme was put in place in order to address the disruption caused to the Society’s business from persons seeking to make short term gains from a demutualisation of the Society.
Customers who have become members of the Society since 3 November 1997 have (with certain exceptions) been required under the scheme to assign their rights to conversion benefits to the Foundation in the event that the Society’s business is transferred to a company.
The Foundation has accepted, and relied upon, all new members’ transfer of any future conversion benefits to it. On acceptance of an application to the Society and opening an account, customers automatically become members of the Foundation. It is intended that each of the Society and the Foundation has the right independently to enforce the scheme against such members.
The trustees of the Foundation welcomes feedback on its work, particularly from Foundation members. To do this please contact us.
For more information about membership and the charitable assignment please see the FAQs.