Your plan bank account receives all payments into your SIPP and is used to pay out all benefits. All cash received is held in your plan bank account until it is invested in accordance with your instructions.
The rate of interest that you will earn on money held within your plan bank account is variable. The current rate of interest payable is 0%.
DP Pensions Ltd receives payments from banks based on the aggregate cash balances held across all SIPP bank accounts. The amount that we receive is not fixed and will vary depending on the total cash held and on interest rates. We currently receive 0.45% per annum (as at 01/05/2022). We retain the additional amount shown to keep our administration charges competitive.