Interest on cash balances

Interest on cash balances

Each Alltrust SIPP has its own designated bank account, held in trust by Alltrust SIPP Limited for the benefit of the member. This provides clear segregation of your funds from those of other members and from Alltrust’s own funds.

Banking partners

Banking facilities for your SIPP are provided by our partner banks, Allica Bank and Metro Bank. The bank used for your SIPP will depend on when your account was established and the type of SIPP you hold.

A small number of SIPPs historically hold current accounts with Arbuthnot Latham or Cater Allen. We are working to migrate these to one of our partner banks.

Interest rates

Interest is paid on cash balances held in your SIPP bank account. Interest is typically calculated daily on cleared balances and credited to your account periodically. The frequency of interest payments and the applicable rates may vary between banking partners. You can view your interest payments on your SIPP bank statements.

How Alltrust is remunerated

As part of our agreement with our banking partners, Alltrust receives a payment, calculated as a percentage of the interest generated on client cash balances, sometimes referred to as a retrocession or commission.

This arrangement means that you receive interest currently at a rate of 0.70% pa from Allica and Alltrust receives a separate payment, currently up to 2.45% pa. The percentage and amounts paid to you and Alltrust will be detailed in your annual SIPP valuation report.

The income Alltrust receives from banking partners forms part of our overall revenue and enables us to keep our SIPP administration fees competitive. Alltrust does not charge a separate platform fee in addition to our published administration charges.

Fair value and regulatory oversight

The Board of Alltrust Services Limited regularly reviews our cash interest arrangements as part of our ongoing fair value assessment. This ensures that our arrangements with banking partners deliver fair outcomes for members and that our overall charging structure remains competitive and transparent.

If you have any questions about these arrangements, please contact us.

Opting out of interest payments

If you do not wish to receive interest payments on your cash balances (for example, for reasons of faith), please contact us at sipp@alltrust.co.uk to discuss the available options.

Contact us

Alltrust Services Limited

Suite 201, Warner House, 123 Castle Street, Salisbury SP1 3TB

T: +44 (0) 1722 770485

E: sipp@alltrust.co.uk

W: alltrust.co.uk

Alltrust Services Limited is authorised and regulated by the Financial Conduct Authority (FCA) under FCA registration number 461966. Registered in England number 05365396. Registered address: Suite 201, Warner House, 123 Castle Street, Salisbury, England, SP1 3TB.