Key Point No 11 - Two bank accounts - pension and growth.

As a general statement where a fund has both pension interests and non-pension interests, it will be better to have two separate bank accounts – one to receive payments relating to pension interests (the segregated bank account) and the other to receive payments relating to non-pension interests (the non-segregated bank account).

Where an amount is received (eg dividend payment) which relates to both segregated and unsegregated shares, it seems that payment to the segregated bank account of the entire amount with the subsequent timely transfer of the portion relating to the non-segregated shares, will not jeopardise the status of the first bank account as a segregated asset.  The determination suggests that timely means 28 days or less.