Investments may be made into alternative deposit accounts in addition to the SIPP bank account with Bank of Scotland. In order to be deemed acceptable for our SIPPs the account must meet the following criteria:

• have a fixed term of 5 years or less;
• have a fixed rate;
• be held with an authorised UK institution;
• able to accept pension monies by corporate or trustee applications (dependent on scheme type*); and
• contain a clause in the contract confirming that the term can be broken (not required where the term is 12 months or less).

* Accounts held within the Suffolk Life SIPP (deed poll) and protected rights benefits of the Suffolk Life MasterSIPP are held in the corporate name of Suffolk Life Annuities Limited. Accounts held within ordinary pension benefits (non-protected rights) of the Suffolk Life MasterSIPP are held in the trustee name of Suffolk Life Trustees Limited.

If you are interested in a particular account and believe it meets our criteria, please email the allowable investments inbox with the full details where we will check the account and respond accordingly.

There is a fee of £75 for each account held, and this fee will also be applied for a ‘roll over’ of a maturing account. Therefore if short term accounts (30 days for example) are established and repeatedly rolled over, £75 would be charged each time.

Whilst there are many attractive high interest deposit accounts available in the market, not all are able to accept corporate/trustee applications or pension monies.

Suffolk Life do not permit the holding of alternative deposit accounts other than those with a fixed term. This criteria is set for a number of reasons, including:

• Additional variable rate accounts would be complex to administer and reconcile on a regular basis. This would lead to inaccuracies in valuations obtained on our secure portal and on an ad hoc basis;
• Alternative deposits can delay investments being actioned or benefits being taken. Monies must be returned, accounts closed and reconciled before further action is taken;
• Fixed term deposits are designed as investment accounts, ensuring at the outset we, you and the investor know when the monies will be available and the exact return on those funds.