What is the charitable assignment that Nationwide Building Society customers make to the Nationwide Foundation?
From 3 November 1997, all new members/customers of the Society have agreed to assign to the Foundation their rights to any future windfall benefits upon opening an account or mortgage with the Society. Existing members may also choose to assign such rights to the Foundation. Therefore, in the unlikely event of a conversion or take-over of the Society, any windfall benefits, which would otherwise be received by members, would pass to the Foundation under assignment and would form a fund to support future charitable giving. • Q: Who funds The Foundation? A: It is funded by contributions from Nationwide Building Society which has formally agreed to support the Foundation in its day-to-day activities and will, from time to time, make donations to the charity. Typically, the Foundation receives 2m per annum. As of 1 April 2008, the Society agreed to give 1% of its pre-tax profits to charitable causes and the Foundation receives a proportion of this. The remainder is distributed to charitabl
