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SIPP stands for Self Invested Personal Pension and is a type of personal pension plan. It works in the same way for contributions, tax relief and eligibility, however, the main difference is that SIPPs have a more flexible approach to savings and investments.

Available via specialist SIPP Administrators, find out more about our available SIPP cash savings accounts and see our current interest rates, together with answers to Frequently Asked Questions about SIPP cash savings accounts below.

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SIPP Trust Cash Deposit Account – Easy Access (2nd issue)

Minimum Balance £25,000 +
Interest Rate (AER1/Gross2) 2.00%
Interest Payable Annually on 31 December
Withdrawals Withdrawals or closure can be made without notice or loss of interest
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SIPP Trust Cash Deposit Account – Pension 30 (6th issue)

Minimum Balance £25,000 +
Interest Rate (AER1/Gross2) 2.25%
Interest Payable Annually on 31 December
Withdrawals Withdrawals or closure are subject to 30 days written notice and will be by cheque or electronic transfer to the designated SIPP bank account only.
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SIPP Trust Cash Deposit Account – Pension 180 (4th issue)

Minimum Balance £25,000 +
Interest Rate (AER1/Gross2) 4.00%
Interest Payable Annually on 31 December
Withdrawals Withdrawals or closure are subject to 180 days written notice by post and will be paid by cheque or electronic transfer to the designated SIPP bank account only.
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SIPP Trust Cash Deposit Account – Pension 90 (6th issue)

Minimum Balance £25,000 +
Interest Rate (AER1/Gross2) 3.00%
Interest Payable Annually on 31 December
Withdrawals Withdrawals or closure are subject to 90 days written notice by post and will be paid by cheque or electronic transfer to the designated SIPP bank account only.
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SIPP Cash Savings Accounts Frequently Asked Questions

Show FAQ - What is a Self Invested Personal Pension (SIPP)?

A SIPP, otherwise known as a Self-Invested Personal Pension, is a type of UK government approved personal pension scheme, which allows individuals to make their own investment decisions from a full range of investments, including cash deposits, approved by HM Revenue & Customs (HMRC).

Unlike a company pension scheme, or other collective pension arrangement, a SIPP is designed to help you manage your own pension pot.

It is important to seek the advice of your Independent Financial Adviser or SIPP Scheme Administrator before deciding whether a SIPP is right for you.

Show FAQ - Why open a SIPP cash savings account?

A cash savings account within a SIPP can be used as part of your retirement planning to –

  • ensure there is sufficient liquidity (or cash) in the SIPP
  • diversify or manage investment risk as part of your investment strategy
  • assist with your strategy to convert other assets to cash and spend them to pay for your retirement (also known as decumulation)

Offering a variety of product options and rates, a Mansfield Building Society SIPP cash savings account is an opportunity to put some of your pension in cash savings as opposed to stocks and shares or other investments.

You can invest in various types of SIPP investments, however at Mansfield Building Society, we only offer  SIPP cash savings accounts.

Show FAQ - How does a SIPP cash savings account work?

Any funds within a SIPP savings account are kept in cash rather than invested elsewhere and you will receive interest on any balances held. They are like a normal personal savings account but they can only be opened on your behalf by a SIPP Scheme Administrator, who will also operate the account for you.

Our SIPP cash savings accounts can only accept cheques or electronic transfers from a designated SIPP bank account. Annual statements are issued to update you and the SIPP Scheme Administrator of the account balance, any transactions and the interest earned.

Show FAQ - What SIPP cash savings accounts do you offer?

We can offer the following SIPP cash savings accounts, subject to product availability:

 

  • Easy Access accounts, meaning savings can be accessed without notice
  • Notice accounts, where notice needs to be given before savings can be accessed
  • Fixed Rate accounts that provide a fixed rate of return over a set period, such as a two or three year term, and savings cannot be accessed during that term

Show FAQ - How do I transfer my SIPP to you?

You can transfer any existing SIPP cash savings accounts to us by asking your SIPP Scheme Administrator to complete and return an application form to open an account and transfer funds from the SIPP bank account.

They will also need to provide proof of identification and a list of these is provided at the bottom of individual product details.

If you want to transfer further funds into your SIPP with us, your SIPP Scheme Administrator can do this from your SIPP bank account by cheque or electronic transfer.

Show FAQ - Is there anything else to be aware of?

All savings in the account will be invested by a SIPP Scheme Administrator in accordance with the requirements of your Trust Deed. The account holder will be the Trustees of the SIPP Scheme incorporating your name.

The Trustees own the assets in the SIPP, and purchases and sales are made in the Trustees’ name so that these transactions enjoy the tax protection of the SIPP.

SIPP cash savings accounts are deposit accounts which means that you will not become a Member of the Society by virtue of this account, but you will be bound by the Society’s Rules, a copy of which is available on request.

Show FAQ - How do I find out more about SIPPs?

Mansfield Building Society does not provide advice in relation to SIPP or other pension arrangements.

Contact your Independent Financial Adviser or your SIPP Scheme Administrator for more information about SIPPs.

If you are a SIPP Scheme Administrator you can find out more information on existing SIPP cash savings accounts or enquire about applying for new accounts by contacting us via email at savingssupport@mansfieldbs.co.uk or call us on 01623 676336.

1. AER

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. AERs on the Monthly Income account assume interest is added to the account each month although in practice the option to have interest added in this way is not available.

2. Gross Rate

The gross rate is the contractual rate of interest payable without tax taken off.
If separate AER/Gross rates are not quoted, both rates are identical.

^Tax Free

Tax free means exempt from UK income and capital gains tax in the hands of the investor.

Understanding Savings

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