1 Year Fixed Term Pension Fund Deposit Account

This account is available in issues, each with a certain start date and maturity date – 12 months later.  The fixed rate of interest your pension fund will earn during the one year term will be determined prior to each issue and available for you to check before you choose to open an account.

You can open an account at any time from when we announce the next issue until the actual start date for that one year term. However, we reserve the right to close the issue early if demand is higher than expected.  Any account opened will earn a variable rate of interest equivalent to the Bank of England Base Rate, until the start date, when the fixed interest rate will begin.

• Your initial deposit can be made by cheque or internal transfer from an existing account.
• No additional deposits can be made.
• Cheques must be drawn on an account held in your pension fund's name.  Building Society cheques must be stamped and signed by the issuing branch to confirm that they are from an account held in your pension fund's name.

These are the only ways we can accept deposits. Transfers of money into your account via the bank money transmission system — such as bank giro credit, standing order or dividend mandate — are not possible. This is because there can be delays and identification difficulties with these methods that we have no control over.

• No partial withdrawals are permitted throughout the one year term.
• Early access to funds is permitted on account closure, when the whole balance of the 1 Year Fixed Term Pension Fund Deposit Account will be repaid without interest.

At least 30 days before the end of the one year term, we will send you a letter advising of your options. These are:

• Roll over your current Term Deposit to the one existing at the time of maturity
• Transfer money to another savings account with Scottish Widows Bank
• Transfer money to your pension fund's nominated external account.

If we don’t receive any instruction from you, your money will automatically be rolled over to a similar Fixed Term Pension Fund Deposit Account available at that time. Please see the Terms & Conditions Section 5 for more details.

• Interest will accrue at the fixed rate from the start date but will not be applied until the maturity date 12 months later.
• The account will earn a variable rate of interest at the Bank of England base rate, until the actual start date, when the fixed interest rate will begin. The interest earned during this period will be added to your original investment at the start of the fixed rate period, and will be paid net or gross depending on tax status.
• Interest can be paid into your account without deduction of tax - subject to the appropriate documentation.
• Interest will be paid gross on balances of £50,000 and over and it’s your responsibility to declare interest received to HM Revenue and Customs.

At the end of the term you will receive a closing statement and an interest certificate.

Yes, and this means:

• All signatories to the account are separately responsible for keeping to its terms. If any signatory does not keep to them, we can take action against the signatories either or both of you singly or together
• We may give any information about the account to any signatory (even if you choose that all signatories must sign instructions to us).
• If you choose to allow any signatory to authorise transactions on the account, any signatory will be able to withdraw any amount in the account (which may be without the other signatories knowledge). We will not be obliged to make any enquiries about the purpose of any transactions.
• The account cannot later be put into just one of the signatories names, unless all signatories agree.
• If there is a dispute between the signatories about the running of the account, we may require all signatories to authorise all transactions until you all agree how the account is to be run.

Instructions from signatories

As this is a telephone banking account, the option of more than one person to authorise all transactions on your account is not available. This is because it is not possible for more than one person to give an instruction at the same time on such a system.

The 1 Year Fixed Term Pension Fund Deposit Account is very straightforward and easy to operate — whether you choose to do it by phone or post.

View the full Terms and Conditions.