SIPP 2 Year Fixed Rate Bond (Issue 1)

Account name

SIPP 2 Year Fixed Rate Bond (Issue 1)

What is the interest rate?

4.10% Gross*/AER**

Interest is added to the account or can be paid directly into the nominated SIPP bank account on anniversary of account opening.

Can the Society change the interest rate?

The interest rate is fixed until the anniversary of account opening.

What would the estimated balance be after 24 months based on a £1,000 deposit?

If you were to open this account with £1,000 and no further deposits or withdrawals were made, after 12 months you would earn £41 in interest each year. If you chose to have interest added, this would result in a total balance of £1,083.68 after 24 months. This is due to earning interest on your interest each year. Please note this is an illustration only and does not reflect your specific circumstances.

How do I open and manage my account?

To be eligible for this account:
• The account must be held within a valid HMRC registered SIPP pension scheme.
• You must be an FCA regulated SIPP administrator.
• Provide an opening investment between £1,000 and £1,000,000 by bank transfer or cheque drawn on the scheme member’s SIPP bank account.

You can open an account by:
• Completing and returning a SIPP application form.
• Providing the required supporting documentation.

Can you change your mind:
No. This product does not have a cooling off period. Once you have made your first deposit, you cannot access your funds until the first working day after your maturity date.

How do I manage my account:
• The maximum that can be held in this account is £1,000,000.
• You may invest up to the maximum balance by bank transfer from the scheme member’s SIPP bank account, only whilst this bond remains available to open.
• A minimum of 2 signatories will be required from the scheme administrator’s authorised signatories list to authorise all account instructions.
• Statements will be issued within 30 days of the annual interest being paid and sent to the scheme administrator.

Can I withdraw money?

No, withdrawals and early closure are not permitted during the fixed term.
Your account will mature on anniversary, with funds available to you on the next working day.

What happens at the end of the fixed rate term?
We will contact you 14 days before maturity. We will:
• Provide information on how you can access your funds, close your account or continue to save with us.
• Provide a time frame in which to decide
• Transfer the funds to another fixed term savings product with the closest access terms and duration to the existing account if we don’t hear from you.

Additional
Information

Gross*
The rate paid with no income tax deducted.

AER (Annual Equivalent Rate)**
A rate which illustrates what the gross rate would be if the interest was paid and added once each year.

Changes to these terms
Are detailed in Section 19 of our General Investment Terms and Conditions.

Customer complaints
Although we do all we can to provide a first-class customer service, sadly sometimes things do go wrong. Your concerns are important to us to improve quality of service and identify possible training needs.
We are committed to ensuring all complaints are fully and fairly addressed. If you have a complaint, please let us know and we will do our very best to resolve the problem. A leaflet is available detailing our complaint procedure, which you can request at any time.

Financial Services Compensation Scheme
Suffolk Building Society participates in the Financial Services Compensation Scheme. For full details please ask our staff.