We launched the Rowanmoor Family Pension Trust, the UK’s first Family SIPP, in 2006.
A Rowanmoor Family Pension Trust is a private pension scheme, independently established for the benefit of its members who may be a group of financially like-minded individuals or family members. It is a cross between a Small Self-Administered Scheme (SSAS) and a Self-Invested Personal Pension (SIPP).
- Scheme structure increases borrowing potential and widens investment opportunities, including commercial property purchase and discretionary fund management.
- Each member retains control of his or her investments under the scheme.
- Members may join together to pool some, or all of their pension fund within one or more common investment funds, to access new investment opportunities.
- Different attitudes to risk can be catered for.
- Income from assets can fund benefit payments, without forcing the sale of scheme assets.
- Options to provide benefits for dependants and nominated beneficiaries.
- Pension fund wealth can be retained within the scheme for use by future generations.
- Costs are usually less than multiple bespoke SIPPs.
- Administration service is of a truly bespoke nature and each scheme has a dedicated administrator.
Anyone may be a member of a Rowanmoor Family Pension Trust, provided they have the consent of the scheme’s member trustees when they join. Members need not belong to the same family; they can be the principals in a business partnership, for example. Whilst the normal maximum number of members is twelve, we may be prepared to permit larger schemes, so please just ask us.
One or more of the members will be trustees of the scheme. They are known as member trustees. The member trustees appoint a chairperson to act on their behalf. The chairperson is our main point of contact with the trustees and must be a scheme member trustee.
The chairperson’s role will include authorising the movement of funds between the scheme and common investment fund bank accounts and any other account.
Upon application, a pension scheme is established under trust and registered with HM Revenue & Customs (HMRC). Each member has a separate arrangement within the scheme and has full control of his or her own pension investments, subject to the Trust Deed and Rules of the scheme.
Eligible members may also invest some or all of their funds in one or more common investment funds established within the scheme. Common investment funds can then be used to invest in assets that are shared, for instance commercial property.
A Rowanmoor Family Pension Trust (Family SIPP) provides members with considerable tax advantages:
- a member’s personal contributions normally benefit from tax relief. For details please visit Contributions to a Family Pension Trust (Family SIPP);
- contributions made by an employer qualify for tax relief in the year they are made, provided they are wholly and exclusively for the purposes of the employer’s trade;
- investments (other than dividend income) grow free from UK capital gains tax and income tax;
- a pension commencement lump sum, or 25% of an uncrystallised funds pension lump sum can be taken from age 55, free of tax;
- comprehensive, flexible retirement options enable retirement income to be phased;
- death benefits can normally be paid, free from inheritance tax, before age 75.
For more information about the Rowanmoor Family Pension Trust (Family SIPP), its scheme set up, and its benefits, please read our Family Pension Trust Literature. If you have a specific question, you can contact us, email us, or send it via our enquiry box on the right hand side.
Service provided under a Rowanmoor Family Pension Trust?
Under a Family Pension Trust (also known as a Family SIPP), Rowanmoor Trustees Limited is the independent trustee and Rowanmoor Personal Pensions Limited is the scheme administrator and the scheme operator. These roles are central to the successful management of the scheme. This is primarily because of the complex nature of pensions and taxation legislation and the need to have a detailed knowledge of the HMRC compliance and audit regime. As scheme administrator, Rowanmoor Personal Pensions Limited is responsible to HMRC for the establishment and running of the scheme and will carry out the day-to-day administration of the scheme.
Our services include:
- providing legal trust documentation to establish and govern the scheme and, where necessary, amending it;
- registering the scheme with HMRC;
- scheme administration services;
- keeping records of all scheme investments, income and expenditure;
- pensions technical support regarding the scheme, its investments and benefits;
- calculating and reviewing benefit payments;
- preparing unaudited scheme accounts and member statements for the year ending 5 April each year to coincide with HMRC’s reporting requirements;
- claiming tax relief from and paying tax and charges to HMRC;
- liaising with HMRC where necessary and filing the scheme reports required by them;
- establishing and operating-the scheme bank account(s).
We will give guidance to the member trustees, via the chairperson who is appointed to act on the members’ behalf, on the regulations affecting their scheme and the requirements of legislation. Representatives from the company are available to attend trustee meetings.
As independent trustee, Rowanmoor Trustees Limited must be a co-owner of all assets held as an investment of the scheme.
Our bespoke service is well received by our customers and the industry. We provide members with a dedicated administrator who delivers a personal and professional service meeting our high standards. Customers are also supported by our experienced National Sales Team and specialist Pensions Technical, Actuarial and Scheme Property Teams. To find out how we go the extra mile to add more value to our services and to look after your pension investments please visit our customers’ service experiences.
This information relates to the Rowanmoor Family Pension Trust (Family SIPP). If you would like to know more details regarding the information provided on this page please send your questions via the enquiry box on the right hand side or email us. Alternatively, please visit our Family Pension Trust literature library.