Fixed term deposits

Investments may be made into fixed-term deposit accounts.

Allowable investment criteria

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 a sterling deposit held with a UK authorised credit institution with a credit rating acceptable to us;
  • able to accept pension monies by corporate or trustee applications (dependent on scheme type*);
  • able to be operated by post and/or fax by Suffolk Life's signatories; and
  • Where the term is more than 12 months the accounts must contain one of the following clauses in the contract, exercisable at the option of Suffolk Life:
    • be fully transferrable in the name of both the legal owner of the asset and the investor, and be breakable on death; or
    • allow access to the deposit within 12 months.

*Accounts held within the Suffolk Life SIPP (Deed poll) and former protected rights benefits of MasterSIPP plans established before 15 March 2010 are held in the corporate name of Suffolk Life Annuities Limited. Other accounts are held in the name of Suffolk Life Trustees Limited, as trustee.

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 adhoc 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 your adviser know when the monies will be available and the expected maturity amount.

Establishment procedures

To establish a fixed-term deposit account please contact the Cash Management Team on 01473 296 910. Suffolk Life endeavour to submit new applications within 3 working days of receipt. These times are in addition to the bank's own turnaround time.

Once an instruction has been provided to us, it may not be possible to cancel the instruction. In addition, most term deposit providers do not allow access to funds held in a term deposit until maturity.

Maturity procedures

It is your responsibility to provide maturity instructions to us and these should be provided to the Cash Management Team by telephone, fax or post at least one week prior to the bank’s deadline for receipt of maturity instructions.

If instructions are not received two days before maturity, we will automatically mature the account.

Interest rates

Interest rates provided are for indication purposes only and under no circumstances can be guaranteed. Rates may change between you providing your instruction and the account being established.