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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.
How do we calculate the pension pot? |
The figures shown here assume your investments grow at % each year. Because inflation reduces the buying power of your money over time, all figures are shown in today’s terms accounting for inflation at % each year. We also assume an annual management charge of 0.3% of the value of the pension pot, this applies for the management of your chosen investments, along with the Willis Owen service fee of 0.4% (reducing for larger pots). The actual charges you pay will depend on the choices you make.
Any regular contributions are assumed to remain at the same level and to continue to your chosen retirement age.
The annual income figures are calculated assuming you use the pension pot (either your whole pot or the amount that remains after taking out 25% as a tax-free cash lump sum) to buy an income for your life - a ‘lifetime annuity’. The projected level of income is calculated in accordance with requirements set out by our regulator, the Financial Conduct Authority. Buying an annuity is only one means of using your pot to provide an income in retirement and again, the income shown here is for illustrative purposes only.
Disclaimer: The figures shown here are examples only and are not guaranteed. What you actually get back from your plan will depend on a number of factors including the investment choices you make and how your investments grow, charges, inflation and how you choose to take benefits from your plan. You will receive a full personalised illustration of what your plan could provide before you commit to proceeding.
All figures are shown before tax and you should be aware that tax will reduce the amount you may get back.
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Consolidate |
Consolidate existing pension pots into one, easy to manage plan.
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Hassle-free |
Hassle free transfers - putting you in control and helping you make informed decisions.
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Low cost |
A range of investment options with a focus on keeping costs to a minimum.
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Easy access |
Managed online, with 24/7 access once registered.
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Consolidate |
Consolidate existing pension pots into one, easy to manage plan.
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Hassle-free |
Hassle free transfers - putting you in control and helping you make informed decisions.
|
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Low cost |
A range of investment options with a focus on keeping costs to a minimum.
|
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Easy access |
Managed online, with 24/7 access once registered.
Easy to navigate and excellent telephone support!
Thank you for being understanding and very patient with me.
Register for our service and give us basic details of the pensions you're thinking of consolidating.
We reach out to your provider(s) and get further details on your pension pots.
We'll let you know what we find out and point out any important benefits you could lose out on by transferring.
You decide whether to go ahead with one or more transfers. If you do, we'll arrange the transfer and bring the money across into your new Willis Owen pension.
We know that the pension product you choose only plays a small part in the retirement planning jigsaw so as a One Plan customer, you also get access to a range of tools designed to help you understand whether you're on track for the retirement you want and which allow you to see what effect any changes could have. Once you’re set up, you’ll be able to check on how your pension is doing at any time, using our secure, award winning online platform where you'll find a simple summary of your plan - what it's worth and what it could give you in retirement.
Some pensions have valuable benefits or guarantees which could be lost if you transfer them to another provider's plan. We'll ask your provider whether a plan you're looking to transfer has any such benefits and if it does, we'll let you know before you make a decision to transfer. We'll also flag any particular risks we think you should be aware of before going ahead with a transfer. There are certain types of schemes that we won't accept transfers from because we think it's unlikely to be in your best interests. This includes defined benefit pensions like 'final salary' schemes.
Bear in mind that we don't recommend whether transferring a pension is suitable for you so if you're unsure, you should seek regulated financial advice.
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Easy to manage |
We know that the pension product you choose only plays a small part in the retirement planning jigsaw so as a One Plan customer, you also get access to a range of tools designed to help you understand whether you're on track for the retirement you want and which allow you to see what effect any changes could have. Once you’re set up, you’ll be able to check on how your pension is doing at any time, using our secure, award winning online platform where you'll find a simple summary of your plan - what it's worth and what it could give you in retirement.
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You're in control |
Some pensions have valuable benefits or guarantees which could be lost if you transfer them to another provider's plan. We'll ask your provider whether a plan you're looking to transfer has any such benefits and if it does, we'll let you know before you make a decision to transfer. We'll also flag any paticular risks we think you should be aware of before going ahead with a transfer. There are certain types of schemes that we won't accept transfers from because we think it's unlikely to be in your best interests. This includes defined benefit pensions like 'final salary' schemes.
Bear in mind that we don't recommend whether transferring a pension is suitable for you so if you're unsure, you should seek regulated financial advice.
