Fixed rate pension account (issue 23)

Summary box

Account name

Fixed rate pension account (issue 23)

A fixed rate account for a SIPP (Self Invested Pension Plan) or a SSAS (Small Self-Administered Scheme)

What is the interest rate?

Gross: 4.75%      AER: 4.75%      Net: N/A     Bonus: N/A

If your balance falls below the minimum operating amount the interest rate payable on the remaining balance for that calendar year will be equivalent to the Society's Extra Ordinary Account rate: GROSS/AER: 0.50% variable.

AER: Stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year

Can Teachers Building Society change the interest rate?

The interest rate for this account is fixed until 19th July 2028, meaning that it cannot be changed during the fixed rate period in accordance with sections 6.4, 6.5 and 6.6 of the applicable terms and conditions.

What would the estimated balance be at the end of the fixed rate period based on a £1,000 deposit?

The estimated balance at the end of the fixed rate period on a £1,000 deposit would be £1,249.41. This amount is based on the assumption that all terms and conditions for the account are met.

• 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 (this is the minimum opening balance and the minimum operating balance). 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 £250,000. 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.
SIPP deposits will only be accepted by scheme administrators authorised and regulated by the Financial Conduct Authority.
Please note: A cooling off period is not available for this type of account.

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 are not allowed within the fixed rate period and therefore ‘Clause 8’ of the Deposit Account General Terms and Conditions only applies on maturity.

The Society will write to you prior to maturity with the options that are available. You will, of course, have the opportunity to withdraw or transfer to one of the Society’s other savings accounts at that time without charge.

Additional information

• This bond matures at midnight on 19th July 2028
• The interest rate is fixed until 19th July 2028
• Interest on this bond will be added on 19th July 2024, 19th July 2025, 19th July 2026, 19th July 2027 and 19th July 2028. Alternatively, interest can be paid to a bank account or transferred to another account with the Society
• This product may be withdrawn at any time and without notice

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