Every SIPP (Self-Invested Personal Pension) with us has what’s called an audit account. A bank account that monitors all money moving in and out of your pension scheme through contributions, pension payments, and any other transactions. The audit account isn’t designed for depositing large amounts of cash over a long-term, if you wish to hold significant cash within your pension, please contact us to discuss alternative solutions.
SIPP interest rates
Note: The information in this section relates to bank accounts held with Lloyds GEM only. If you have any other bank held in your SIPP, interest rate changes will be communicated to you directly.
For the majority of our SIPPs, we operate a pooled banking structure and the following applies:
The rate of interest paid on cleared balances held in your SIPP audit account is 0.75% per annum, paid monthly. Mattioli Woods also retains an element of interest per the below table. This page will be regularly updated with the current rate.
Mattioli Woods’ Treasury Committee oversee pension scheme banking operations and decide where client funds are held, and the rate of interest paid on cash held in the pension scheme audit accounts.
Numerous factors influence changes in the interest rate we can achieve on these accounts with the Bank of England’s base rate being one of these. Interest rates are not fixed and may rise or fall depending on base rate movements and other influencing factors. If the rate changes, this page will be updated reflecting the new rates. The Bank of England base rate can be found at www.bankofengland.co.uk.
How do we hold SIPP cash balances?
We hold your SIPP cash with a range of carefully selected banks in pooled instant access, notice, and fixed-term deposit accounts. Multiple banks are used to reduce exposure to the risk of an individual bank failing, creating an additional layer of protection for your retirement funds.
The panel of banks we select from to hold your cash include the below, but not necessarily all at the same time:
All our banks meet or exceed our strict minimum requirements: a minimum credit rating of A3/A- or better (Moody’s, S&P and Fitch), a full UK banking licence, and participation in the Financial Services Compensation Scheme (FSCS). This ensures your pension funds are held with financially sound institutions that operate under comprehensive regulatory oversight and provide essential deposit protection.
As part of this arrangement, Mattioli Woods will retain an element of the banking interest rate earned. This comes from the interest received from our panel of banks in the pooled structure and is outside of the interest your SIPP will receive. The amount retained by Mattioli Woods is not guaranteed to stay the same and will likely change if the Bank Rate changes. It can go up or down.
The rate earned by Mattioli Woods in each quarter is disclosed below:
| Period | Rate Earned by Mattioli Woods |
|---|---|
| 2025 Q1 | 2.75% |
| 2025 Q2 | 2.82% |
| 2025 Q3 | 3.06% |
| 2025 Q4 | To be published in January 2026 |
The pooling arrangement allows for more efficient cash management, better banking terms through combined balances, and simplified administrative processes. By consolidating cash across multiple client accounts, we can negotiate more favourable terms with our banking partners while maintaining the individual accounting of each client’s funds.
How is my SIPP money protected?
The Financial Services Protection Scheme (FSCS) applies to each banking licence and protects your money in the unlikely event that a bank fails. An individual is protected up to £85,000 per account holder (per banking license). On or after 1 December 2025 this protection limit will increase to £120,000 per account holder.
For the majority of SIPP accounts, cash is held in our pooled structure across multiple banking licences to maximise FSCS protection. For example, if you have a single bank account then you are protected up to £85,000. However, if your cash is distributed across four different banking licences, up to £340,000 would be fully protected by the FSCS (i.e. 4 x £85,000). You can find out more, including the terms and conditions, at www.fscs.org.uk
Important: The £85,000 FSCS protection limit applies to combined balances across SIPP and non-SIPP cash (such as your personal savings, current and deposit accounts). We only consider SIPP cash balances and not your personal banking arrangements. Should you have any queries, please contact us.
Note: The information in this section relates to bank accounts held with Cater Allen only. If you have any other bank held in your SSAS, interest rate changes will be communicated to you directly.
The rate of interest paid on cleared balances is 1.45% per annum, paid monthly. As part of our arrangements, Mattioli Woods currently receives 2.25% per annum from our banking provider based on aggregate cash held.
The interest rate your SSAS receives is decided by our SSAS banking provider based on market conditions and the prevailing Bank of England base rate.
How is my SSAS money protected?
In the unlikely event that your SSAS bank account fails, FSCS protection (up to £85,000) will apply as your money is held under one banking licence with a UK authorised bank. You can find out more, including the terms and conditions, at www.fscs.org.uk. On or after 1 December 2025 this protection limit will increase to £120,000 per account holder.
