How do I open and manage my account?
It’s easy to apply by email. The application must be sent from an FCA approved SIPP Administrator or Trustee. You can pay money into your account by electronic bank transfer (details are on the application form). To open a Pension Deposit (SIPP) you'll need to deposit a minimum of £25,000. The maximum account balance is £2 million.
Managing your account is easy too. Simply call or write to us and we'll help with any questions or instructions.
Can I withdraw money?
You can't take money out of our Pension Deposit (SIPP) account, so you need to be sure you're happy to leave your money in the account until the end of the term (maturity).
At that time, you can choose to reinvest your funds with us or have the money paid into your nominated bank account.
What happens at maturity?
We'll send you a letter 14 days before the end of the fixed term, letting you know what your options are. You can instruct us to reinvest your money into another account, up to at least one day before the maturity date, or do nothing and we'll pay your funds into your nominated bank account.
Tax information. We do not currently deduct tax from any interest paid to you. Tax benefits depend on individual circumstances and could change in the future.
¹ Assumptions: (1) the initial deposit shown is deposited at the time the account is opened.