Most pension schemes we administer, whether SSAS or SIPP, have their own individual plan bank accounts, which are used to manage the arrangement’s cash.
Where an individual plan bank account operates, the account is a joint account between D A Phillips & Co Ltd (as trustee) and the member(s), which means that all cheques and other instructions must be signed by both of us. Some administrators/corporate trustees are sole signatories on the individual plan bank accounts that they operate, but we feel that you should have full control of your pension fund and the security of knowing that no transactions can be effected without your express authority.
The bank accounts offer:
- No bank fees
- No transaction charges
- Interest bearing (details available on request)
- Monthly bank statements.
For our SSASs, we can also use the banks that we use for our SIPP. Alternatively you could use a bank of your choice (such as the bank you use for your business) if you would prefer.
For both SSASs and SIPPs, where the particular SIPP you are in allows it, you can set up additional accounts (including deposit accounts) with any other bank that you would like providing they can accept pension scheme money and that we are a joint signatory on the account.