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 Family Pension Trust chairperson.

The main features of these accounts are:

• no transaction charges;
• instant access;
• monthly bank statements.

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.

Bank interest is payable at bank base rate minus 0.875% (subject to a minimum of 0.12% p.a.). It is compounded and credited monthly (gross).

The current interest rate on Family Pension Trust bank accounts is 0.12% p.a. (as at 8th February 2012).

This information relates to the Rowanmoor Pensions Family Pension Trust (Family SIPP). If you would like to know more details about 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.