The effects of rapid thermal annealing (RTA) on deep level defects behaviour in Fe-doped semi-insulating InP has been studied by photoinduced current transient spectroscopy. Three samples were annealed at 600 degrees C, 700 degrees C and 800 degrees C for a fixed plateau duration of 15 s in a RTA commercially-available furnace. We show that RTA leads to the disappearance of the usually observed 0.66 eV Fe-related level and the formation of three deep traps having the activation energies 0.1, 0.31 and 0.54 eV. The possible involvement of phosphorus vacancy related complexes and the metastability of iron in the compensation mechanism after annealing is suggested.