Important information for deposits on Synergy pensions and investments

All investment choices are made at your own risk, so it is important that you seek appropriate financial advice. Standard Life is not responsible for the  solvency of the deposit providers or the deposit’s performance. In the event of a deposit provider being unable to meet any claims against it, money from your policy held with that provider will not be covered by schemes such as the Financial Services Compensation Scheme or the Deposit Guarantee Scheme.

The rates may change or be withdrawn at short notice.

The demand deposit rate is variable. For previous rates, please speak with your financial adviser or call us on 01 639 7080.

If you invest in any of the Self-Directed Options, a policy cash account will be set up within your policy to receive payments and investment income. Standard Life charges and third party costs related to your Self-Directed Options will be deducted from the policy cash account.  The policy cash account is a deposit provided by a third party deposit provider.

When you instruct us to invest in a Self Directed Option we will check the balance in the policy cash account. If this is not sufficient to cover the deductions over the term of the investment, we will hold back a portion of the investment amount to meet the required minimum. It is important for you to keep money in the policy cash account to cover the costs of managing the Self-Directed Options held in your policy. Your  money in the policy cash account can’t fall below a minimum set by us. This minimum may vary as it depends on which Self-Directed Options you choose and the charges applying to your policy over the term of the investment.

If you wish to invest in direct property there may be restrictions on how much you can place in a fixed term deposit.

Please see the Key Features document for further information on the policy cash account.

Fixed term deposits should only be taken out if your client does not require access to their money for the term. Early withdrawal from fixed term deposits is at the discretion of the deposit provider who may impose early withdrawal charges. If your client cancels their policy within the 30 day cooling off period, the deposit provider reserves the right to deduct this charge from your client's deposit. However many deposit providers, currently will not, under any circumstances agree to break a fixed term deposit before maturity.

A retirement request that would result in early withdrawal from a fixed term deposit may have to be deferred until the deposit maturity date.