All our Odyssey SIPP and Odyssey Group SIPP customers currently have an individual designated Bank Account with Metro Bank plc through which payments are made to and from their SIPP.

Most of our Odyssey SSAS customers will also have a designated Bank Account with Metro Bank plc, and again payments will be via this account to and from the SSAS.

Customers who bank with Metro Bank plc currently receive 1.00%, as at 1st November 2025 and will receive 2.20% from 1 November 2026. This is the Annual Equivalent Rate which may change in future depending on what the Bank will pay. Interest is credited to a pension scheme designated Bank Account monthly.

Our regulatory and Trustee duties require us to record, monitor, and reconcile payments to and from all individual pension scheme accounts. In addition, we have established and continue to maintain systems and controls relating to payments.

To assist us in performing these tasks we will receive payments from our Designated Banks based on aggregate cash balances held with them. The interest payments we receive will vary, depending on the total cash balances held and the applicable interest rates.

We currently receive 0.50% per annum which is changing to 1.00% from 1 November 2026. The amount we retain assists us in keep our fees competitive in other areas and contributes towards the cost of the provision of banking services to our customers.

To provide an example, a pension scheme bank account that holds £10,000 for 1 year will earn £100 in interest, and we will receive, in addition, a £50 payment towards the costs of management and control.

Deposits will normally be eligible for up to £120,000 protection under the FSCS. We strongly recommend that customers speak to their financial advisers accordingly where this limit is reached in order to reduce any potential risk. As part of our ongoing administration processes we endeavour to remind all our customers about the need to ensure that monies are appropriately invested.