Reserve Account for Pensions

A versatile current account for pension trustees, scheme administrators and authorised pension scheme practitioners, available in pounds, euros or US dollars.

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  • Up to 30 free day-to-day transactions a month.
  • No annual or monthly account fees.
  • Open an account in three to five days, with no appointment needed.
  • Interest paid on balances in pounds only.
  • Minimum opening balance of £5,000.

Eligibility

Available to pension trustees and administrators for UK registered Pension Schemes where there is a professional trustee or co-signer who hold an existing relationship with Cater Allen.

Apply via your pension provider.

We will not open the account without the correct value of deposit being received and will write to you to request the correct value of deposit if it is not supplied with your application.

Account holders must be 18 or older and be resident in the UK permanently.

All Cater Allen current accounts are subject to status.

This account is subject to availability and may be withdrawn from sale at any time without notice.

More information

  • Move money between pound, euro and US dollar denominations with no conversion charges, when held under the same customer number.
  • The account can be managed online, by phone or by post.
  • Day-to-day debit transactions on this account are: cheque withdrawals; standing orders; Direct Debits; bill payments and electronic payments. For details of other transactions which incur charges, for example CHAPS, please refer to our Banking Tariff.
  • Overdraft facilities are not available.

Interest rates

Rates may vary and are correct as at 29 June 2020. Interest rates are variable and tiered. Interest is calculated daily and credited quarterly.

Reserve Account for Pensions (GBP) - £ pounds

Balance Gross % p.a. AER % p.a.
£500,000+ 0.10% 0.10%
£100,000+ 0.05% 0.05%
£0+ 0.01% 0.01%

Reserve Account for Pensions (USD) - $ US Dollars

Balance Gross % p.a. AER % p.a.
$0+ 0.00% 0.00%

Reserve Account for Pensions (EUR) - € euro

Balance Gross % p.a. AER % p.a.
€0+ 0.00% 0.00%

The gross rate is the interest rate we pay where no income tax has been deducted.

AER stands for Annual Equivalent Rate and shows what the interest rate would be if we paid interest and added it to your account each year.

    How to apply

    Please contact your pension provider if you wish to apply for an account with Cater Allen. If you don't have a pension provider, please contact us on capbcet@caterallen.co.uk to discuss your options.

    Step 1:Read and save the following documents:

    Although you should apply via your pension provider we have provided the relevant documentation required for an application. It's important that you fully understand the account, interest rates and the relevant Terms and Conditions before submitting an application.

    View the interest rate for the account you would like to apply for

    Step 2:Please contact your pension provider:

    Please contact your pension provider to discuss opening the account and completing an application form.

    If you don't have a pension provider, please contact us on capbcet@caterallen.co.uk to discuss your options.

    Once your pension provider has sent in your application, it will usually be processed within 5 days of us receiving it, as long as the application form is completed correctly and accompanied by all required documents. Application forms we receive which are incorrect or incomplete will be automatically returned.

    Literature downloads

    Account Fact Sheets

    Application Forms

    Additional important literature about your account

    Terms and Conditions

    Renewal Mandate

    Account Switching Documents

    Statement of Lender & Borrower Responsibilities

    Why choose Cater Allen?

    We have over 200 years of experience working in the UK, aiming to deliver a high level of customer service whenever you need help.

    About us
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