Case study 06.01.2009
Read our case study on income planning to find out how a company director, close to retirement and with little pension provision, can start funding for retirement.
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Scheme Bank Account
Once Rowanmoor Pensions receives notification from HMRC that the scheme has been registered, a scheme bank account is opened with The Royal Bank of Scotland. This account is used to hold the SSAS's cash funds. All contributions and returns on investments must be paid into this account. Rowanmoor Trustees Limited, as independent trustee, is sole signatory to the account and Rowanmoor Pensions administers its day-to-day operation under instruction from the member trustees.
The main features of the account are:
- no transaction charges;
- interest payable at bank base rate minus 0.875%, compounded and credited monthly (gross);
- instant access;
- monthly bank statements.
This information relates to the Rowanmoor Pensions SSAS.