Pension 30 (Issue 1)
A notice account for a SIPP (Self Invested Pension Plan) or a SSAS (Small Self-Administered Scheme)
WHAT IS THE INTEREST RATE?
Gross: 0.40% AER: 0.40% Net: N/A Bonus: N/A
(Please note that this rate will be changing to 0.30% on 23rd April 2021)
CAN TEACHERS BUILDING SOCIETY CHANGE THE INTEREST RATE?
The interest rate for this account is variable, meaning that it can be changed at any time in accordance with sections 6.4, 6.5 and 6.6 of the applicable terms and conditions.
WHAT WOULD THE ESTIMATED BALANCE BE AFTER 12 MONTHS BASED ON A £1,000 DEPOSIT?
The estimated balance after 12 months based on a £1,000 deposit would be £1,004. This amount is based on the assumption that all terms and conditions for the account are met.
After the rate change scheduled for the 23rd April 2021, the new rate for this account will be 0.30%, and the estimated balance after 12 months based on a £1,000 deposit would be £1,003.00. This amount is based on the assumption that all terms and conditions for the account are met.
HOW DO I OPEN AND MANAGE MY ACCOUNT?
- For SIPP accounts, your scheme administrator will need to complete and return a pension application form together with the required documentation
- For SSAS accounts, you will need to complete and return a pension application form together with the required documentation
The account can be opened by completing our Pension application form and sending it to us, together with a cheque made payable to ‘Teachers Building Society a/c (name of organisation)’ for a minimum sum of £1,000. The maximum holding permitted across all accounts is £1m exclusive of accrued interest. The account can be added to at any time up to a maximum investment of £500,000. If the balance falls below £1,000, the society reserves the right to close the account. Any additional deposits will be accepted by cheque or electronic transfer from the designated pension bank account only.
Please note: SIPP deposits will only be accepted by scheme administrators authorised and regulated by the Financial Conduct Authority.
CAN I WITHDRAW MY MONEY?
Withdrawals/closures can be made with no loss of interest following 30 days’ notice. Withdrawals/closures must be requested in writing and funds will be sent to the designated bank account upon receiving signed instructions from the required signatories as outlined on the original application form.
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- Daily interest
- Interest paid annually on December 31st