Bath Building Society Pension 90 terms and conditions
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Pension 90 terms and conditions

Pension (Self Invested Personal Pension) Accounts

Terms & Conditions

This should be read along with our “Share & Deposit Account General Terms & Conditions”, and our tariff of charges for non-core services, before applying to open an account. You should read this document carefully to ensure you understand what you are buying and keep it safe for future reference.

General
For many years Bath Building Society has acted as the cash deposit account provider to a successful local Pension Administrator.

The Society grew its pension operations significantly in 2004 by establishing a second SIPP deposit arrangement with a Manchester based pension administrator.

The Society now offers the account to other SIPP customers. Bath Building Society has greatly enhanced its pension account proposition by upgrading the product to meet the needs of this market. This product is only suitable for the cash deposit element of a SIPP or Pension Scheme, and we suggest that you seek independent financial advice before applying to open an account.
Bath Internet Client Account from Bath Building Society Click here to request a callback from our savings department Click here to request an application form You can view the current interest rates for Bath Building Society business and current accounts by clicking here Click here to request a callback from our savings department Click here to request an application form Click here to view current interest rates and historic interest rates

The accounts are available for an individual, Executive or Company Scheme. Applicants must be over 18 years old.
The accounts are available as share accounts on a SIPP arrangement, and can be operated through our branches, or direct through Head Office by post, with no difference to the terms or charges.
The Society reserves the right to withdraw these accounts at any time, without notice, although there are no current plans to withdraw these products.
English Law applies and the Society will communicate in English in all matters relating to these accounts.
Account Limits
Minimum opening balance of £1.
Maximum investment £1,000,000

Deposits
Must be in the name of the individual or scheme and can be made by cheque or direct transfer from a UK bank account.

Withdrawals
Funds are available on request and without penalty on the Pension account.
The Pension 90 Plus account requires 90 days’ notice or a charge of 90 days’ interest on the amount withdrawn.
Requests for withdrawal of funds will be processed by cheque or by BACS transfer to customers’ nominated bank accounts.
Pension (Self Invested Personal Pension) Accounts
Interest and Income Tax
A variable rate of interest will be applied to your Pension and Pension 90 Plus accounts. Interest rates are tiered which means that higher balances attract higher rates.
Interest will be calculated daily and capitalised annually on the 31st December, or if the monthly option taken, interest will be capitalised on the last day of each month.
Where required by legislation, interest will be credited after deduction of income tax at the appropriate rate specified by law. Subject to the appropriate declaration it is possible for the Society to pay interest gross with no tax deducted. Applicants should discuss eligibility with their tax office and obtain the declaration form.

How to Open an Account
We will need a fully completed share application form for an individual and deposit account application form for an Executive or Company scheme. Personal details are required for each signatory.
Identification will be required for all signatories, and we will need to see two original forms of identification to prove name and verification of address.
In addition, for Limited Company applications, a copy of your Certificate of Incorporation, together with a copy (on headed notepaper) of a Board resolution confirming that the Trustees authorise an account to be opened with Bath Building Society and advising who the signatories will be.
Opening deposit must be by cheque drawn on a UK bank in the name of the beneficiary or direct bank transfer from beneficiary’s account.

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