Family Pension Trust
Scheme bank accounts
Once Rowanmoor Pensions receives notification from HMRC that the scheme has been registered, a trustee bank account is opened with The Royal Bank of Scotland plc. This account is used to hold the cash funds necessary to run the scheme. Rowanmoor Trustees Limited, as independent trustee, is sole signatory to the account and acts under instruction from the chairperson.
Individual bank accounts will also be opened with The Royal Bank of Scotland plc for each member participating within the scheme. These bank accounts are used to hold members' cash funds. All contributions and returns on investments held within each member's individual arrangement will be paid into their own account. Rowanmoor Trustees Limited, as independent trustee, is sole signatory to these accounts and Rowanmoor Pensions administers their day-to-day operation under instruction from the relevant member.
A bank account is also set-up for each common investment fund established within the scheme. These bank accounts operate in the same way as the members' accounts, with Rowanmoor Pensions acting under instruction from the chairperson.