Changes to the Bank of Scotland pension plan bank account interest rate
Due to the capital requirements now placed on banks and the continued downward pressure on rates, the credit interest offered by Bank of Scotland on pension bank accounts is reducing. Bank of Scotland, our banking partner, will shortly reduce the interest rate it offers all pension providers including all Hornbuckle products (SIPP, SSAS and FIPP). This change will lead to a corresponding reduction in the rate we pass on to our mutual clients. This reduction is detailed in the table below:
|Current rate tiers on Bank of Scotland accounts||Historic interest rate||Interest rate as of 27 June 2016 (p.a.)*|
|£0 – £49,999||0.10%||0.05%|
|£50,000 – £499,999||0.12%||0.05%|
|£500,000 and above||0.15%||0.05%|
* Rates cannot be guaranteed and we reserve the right to adjust as appropriate. The new interest rate became effective on Monday 27 June 2016.
Other information you need to know
The interest rate for the Bank of Scotland account is linked to the Bank of England bank rate and when this changes, the Bank of Scotland interest rate will also change straight away.
Seeking financial advice
If you currently have a pension with us, it is important to remember we cannot advise you on any decisions related to that pension and you should seek support from your financial adviser.
If you do not have an adviser, you can find one by accessing our ‘find a financial adviser’ tool here, or by taking advantage of the Government’s free and impartial guidance service called Pension Wise.
If you have any questions or would like to discuss these changes, please contact our Client Servicing team via email: firstname.lastname@example.org