How does a Retention Deposit Scheme Account work?
The UK Retention Deposit Scheme is an independent scheme for the protection of retentions under construction contracts.
We provide segregated bank accounts for construction retentions under standard-form and bespoke construction contracts in England and Wales.
How does a Retention Deposit Scheme Account work?
When you apply to us to open your construction retention account, we will issue you with the account opening paperwork, conduct our mandatory compliance checks on the paying party and then issue you with the account details for the paying party to send the retention to each month.
On a monthly basis, one of the parties (or their representatives) will provide us with a payment certificate showing the amount of retention we are to expect. When we receive the retention, we will credit it to your Retention Deposit Scheme account.
You can access your account online through our portal to check on the status and balance of your retention at any time.
