When your client's 1, 3 or 5 Year Fixed Term Pension Fund Deposit Account matures, they'll need to decide what they'd like to do with the proceeds. If they'd like to withdraw some or all of the balance on the maturity date, we can arrange this for them.
If your client needs more time to decide, on the maturity date we’ll automatically transfer the balance into the Scottish Widows Bank Maturity Base Rate Tracker for personal funds. This account allows quick and easy access, and pays interest at the Bank of England base rate. You can view the terms and conditions for this account here.
We'll write to you and your client at least 30 days before the maturity date.
If your client would like to transfer the funds into an easy access savings account with Scottish Widows Bank, they can transfer the proceeds of their maturing Fixed Term Deposit to a Pension Fund Deposit Account 2. This is a simple savings account for pension funds, with easy access:
- Your client can transfer money to and from their main (nominated) current account as often as they like
- Operate the account by phone or by post
- This account is available to UK residents only.
Note: While we can accept your instruction to open a new account before the maturity date, your client’s funds can’t be transferred until after the maturity date, without incurring any applicable penalty.