Need To Know
  • New savings rates from 1 July 2022

Easy access pension (issue 1)

Benefits to you

  • Daily interest
  • Interest paid annually on December 31st
Interest
rate %
Product name Min opening
balance
Withdrawal options Save up to (Max)
0.35% Easy access pension (issue 1) £1,000 Easy access £500,000

Summary box

Account name

Easy access pension (issue 1)

What is the interest rate?

Gross: 0.35%      AER: 0.35%      Net: N/A     Bonus: N/A

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 £1,003.50. 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 £1.5m 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 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. Withdrawals/closures can be made at any time, without notice.

Additional Information

  • Daily interest
  • Interest paid annually on December 31st

Terms & conditions

We recommend that you review our savings T's and C's before completing an application form.

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