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IPSWICH SIPP CASH DEPOSIT Terms & Conditions

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IPSWICH SIPP CASH DEPOSIT Terms & Conditions IPSWICH SIPP CASH DEPOSIT Terms & Conditions Summary Box When is interest paid? Key Product Information for our Savings Account Annual interest is payable on the 5 April and can be added to the account or paid to the main SIPP bank account. Interest is calculated on a daily basis from Account Name Ipswich SIPP Cash Deposit the date of investment up to the day before withdrawal. • Variable tiered interest rates (correct as at 20 February 2013) How do I close the account? Requests to close the account must be made in writing and in conjunction with £1,000 - £24,999 1.75% Gross/AER the rules of the scheme. Your funds will be sent by CHAPS to the main SIPP £25,000 - £49,999 2.15% Gross/AER bank account. The Society will not send your funds to any other account. Interest Rates (AER) £50,000 - £99,999 2.40% Gross/AER £100,000 - £249,999 2.55% Gross/AER Death of the scheme member £250,000 - £500,000 2.75% Gross/AER Following receipt of the appropriate proof of death, funds plus accrued interest will be sent by CHAPS to the main SIPP bank account. The Society will not • Interest is calculated on a daily basis send funds to any other account. No penalty is charged if the closure relates to • Annual interest on 5 April death of the scheme member. Tax Status Automatically eligible to receive gross interest Cancellation rights Conditions for Not applicable You have a 14 day period in which to reconsider your decision to invest into Bonus Payments this account. The Society will accept notice in writing from those authorised to Withdrawal 60 days’ notice or 60 days’ loss of interest on sign in line with the Scheme Rules. Arrangements amount withdrawn Advice Access Banking system or post Ipswich Building Society will not act as an Investment Manager for you or provide any investment advice in relation to the Ipswich SIPP Cash Deposit or your Scheme. This leaflet represents the Terms and Conditions for the Ipswich SIPP Cash Deposit and should be read in conjunction with our General Investment Terms & How can I open an account? Conditions and Customer Information booklet. This account is only available to To open an account, your Scheme Administrator will need to complete and UK residents who are members of a Self Invested Personal Pension Scheme. sign the Ipswich SIPP Cash Deposit Application Form. You will only need to sign the form if you have a ‘Member Trustee’ SIPP. This is to reduce the risk of Charges fraud and is in line with anti-money laundering legislation. Acceptable forms of There are no initial or yearly administration charges for investing into this SIPP identification are detailed in our 'Proving your name and address' leaflet. cash deposit account. Following receipt of your opening investment your Scheme Administrator will Account holder receive written confirmation of the account details. All monies are held under a trust arrangement in accordance with the requirements of the Trust Deed and these terms and conditions. The account General Information holder will be the Pension Fund and will incorporate the name of the individual Customer complaints to which the fund relates. Although we do all we can at Ipswich Building Society to provide a first class Statements customer service, sadly from time to time things do go wrong. Statements will be issued within 30 days of the annual interest being paid and We are keen to be aware of your concerns as they help us to identify ways in which we can improve the quality of service and possible training needs. sent to the Scheme Administrator. This statement will relate only to the SIPP Cash Deposit account and will detail all transactions made since the previous We are committed to ensuring all complaints are fully and fairly addressed. statement. If you have a complaint you should visit or contact your local branch, or any Society office, or call our central telephone number 0845 230 8686. We will try to Transactions resolve the problem speedily. You will not be issued with a passbook since this account will be operated by A leaflet is available detailing our complaint procedure. You can request a copy of the Scheme Administrator. Account operation and withdrawals can only be this at any time. made in conjunction with the rules of the scheme. Funds can only be accepted from and returned to the main SIPP bank account. Changes to interest rates Any changes in interest rates will be communicated in accordance with our General How much can I invest? Investment Terms & Conditions. The minimum amount to operate the account is £1,000. Additional receipts up to a maximum balance of £500,000 will only be accepted up to and Changes to these terms including 28 March 2013. After this date no further investments will be Any changes in terms will be displayed in our branch offices. At least 30 days’ accepted. notice will be given of any changes to your disadvantage. Can I make withdrawals? Financial Services Compensation Scheme No payments will be permitted to third parties from this account. Requests to Ipswich Building Society participates in the Financial Services Compensation withdraw must be made in writing and in conjunction with the rules of the Scheme. For full details please ask our staff. scheme. Your funds will be sent by CHAPS to the SIPP bank account, there is Retail Banking Conduct of Business no charge for this CHAPS payment. The Society will not send your funds to any other account. Full or partial withdrawals can be made by giving 60 days’ Ipswich Building Society complies with the Retail Banking Conduct of Business which notice or immediately with a 60 day interest penalty on the amount withdrawn. set standards of good practice for building societies and banks. No penalty is charged if the withdrawal relates to the death of the scheme member. Protected rights Any protected rights must be separately identifiable from your other rights. This must therefore be indicated on your application form. P O Box 547 Ipswich IP3 9WZ 0845 230 8686 [email protected] www.ibs.co.uk IHS93 02/14.
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