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Cash interest explained |
You will receive interest on balances in your platform cash account at the prevailing rate.
Embark Investment Services Limited acts as the custodian for investments on the Willis Owen platform and is one of our strategic partners that provides our Willis Owen ISA, GIA, Junior ISA and SIPP.
Embark places cash with a number of banking partners for safekeeping and to provide the potential for you to earn interest on money in your platform cash account. By managing cash in this way, it aims to provide better protection and a higher overall level of interest than if all funds were placed with a single bank.
The rates of interest paid by banks will vary. Embark retains a portion of the interest earned to cover its costs in managing platform cash.
Current Interest Rate
The table below shows the current customer interest rate payable on cash balances along with the amount of interest retained by Embark. The customer interest rate shown is that after accounting for interest retained by Embark:
| Date From | Customer Interest Rate | Interest retained by Embark |
|---|---|---|
| 25th March 2024 | 2.46% | 1.75% - 2.00% |
Embark can change the rate of interest at any time and it reviews the position at least quarterly. Interest is calculated and accrued daily and is credited to your account on the first of each month. If you transfer out, accrued interest is applied at the point of transfer. We will inform you if and when the interest rate changes as soon as is practicable.
Interest retained
The table below shows the yearly equivalent rates of interest Embark expects to pay based on a range of possible yearly interest rates it may earn.
| Interest Embark expects to earn | Customer Interest Rate | Interest retained by Embark |
|---|---|---|
| 0-1% | 0 – 0.46% | 0 – 0.54% |
| 1-2% | 0.46% – 0.94% | 0.54% – 1.06% |
| 2-3% | 0.94% – 1.46% | 1.06% – 1.54% |
| 3-4% | 1.46% – 2.02% | 1.54% – 1.98% |
| 4-5% | 2.02% – 2.61% | 1.98% – 2.39% |
| 5%+ | 2.61%+ | 2.39%+ |
Historic Interest Rates
To see details of historic customer interest rates, along with the amount of interest retained by Embark, click here.
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Designed to allow you to consolidate pre-existing pension pots |
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Managed online, with 24/7 access once fully registered |
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A range of investment choices with a focus on keeping costs to a minimum |
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Continue to build your pension fund tax-efficiently |
Key Features of One Plan SIPP
Terms and Conditions
| | You have one or more pension pots elsewhere that you'd like to consolidate |
| | You're comfortable with the risks involved |
| | You want to grow your pension pot within a tax-efficient wrapper |
| | You want a pension plan that gives you flexible options to access your money from age 55 onwards |
| | You want to transfer from a defined benefit pension. |
| | You want to transfer a pension pot from which you're already taking benefits |
| | You want to transfer a pension pot that your employer is already paying into |
| | You want access to the full range of investment choices offered by our SIPP |
A SIPP is a tax-efficient pension scheme designed to help you grow your retirement pot, with the aim of providing you with an income in retirement. It's available to UK residents who are over 18.
Using the One Plan service you're in control of how your pension pot is invested. We've pulled together a suite of investment solutions from highly regarded asset managers which we think are suited to a wide range of people with different retirement goals and tolerances for investment risk.
We've focussed on keeping costs to a minimum because we know that the charges you pay eat into your eventual retirement income. The costs for our Glideplan option are currently between 0.67% - 0.71% each year which includes our charges for using the Willis Owen Platform. The charges reduce even further if your pot size grows to more than £100,000.
Once your SIPP is up and running, as well as being able to transfer-in money from other pension pots you can boost your savings by making lump sum or regular contributions of £25 or more yourself. If you make contributions yourself, you'll normally benefit from tax relief which can help to further boost your pot. We reclaim basic rate tax relief (currently 20%) on your contributions and automatically add this to your plan. If you pay tax at higher than the UK basic rate, you can claim additional tax relief from HM Revenue & Customs, reducing your tax bill for the year.
The One Plan service is designed for those who are still building up pension benefits but when it comes to taking benefits from your plan (for which the minimum age is currently 55, rising to 57 from 2028), you'll have a range of choices including the ability to take an income directly from your pension pot using income drawdown along with the flexibility to take one-off lump sums or to use your pot to buy an income for life (annuity) from a provider of your choice. You can usually take out 25% of your pension pot tax-free with anything else being subject to income tax. There are limits to the overall amount of tax-free cash you can take from pensions as well as on the amount of any tax-free lump sum benefits which may be payable on your death.
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Designed to allow you to consolidate pre-existing pension pots |
|
|
Managed online, with 24/7 access once fully registered |
|
|
A range of investment choices with a focus on keeping costs to a minimum |
|
|
Continue to build your pension fund tax-efficiently |
Key Features of our SIPP
Terms and Conditions
