| APRIL 2012 |
|---|
| 99.10% of service standard turnaround achieved overall. |
We are dedicated to providing a quality professional service, individually tailored to meet the specific needs of each client. To achieve this, Rowanmoor Pensions SIPP clients receive a personal, portfolio-based service from an appointed, named administrator, who works in a supportive team environment, offering a single point of contact for all aspects of our SIPP administration.
Rowanmoor Pensions’ SIPP administration service is monitored against demanding processing timescales and we are committed to continuous improvement in the quality of the services we provide.
We aim to complete no less than 95% of our work within these timescales.
The accolades we receive give an insight into the quality of our service and the relationship we have with our customers.
Good news stories from around the business demonstrate the benefits that our approach to service brings to our customers.
Rowanmoor Pensions’ SIPP processing timescales
All days quoted are working days, following receipt of all required information and appropriate authorisation. We aim to complete no less than 95% of our work within these timescales. A number of factors, including the involvement of third parties, mean there may be occasions when this is not possible.
| Issuing application packs | 1 day |
|---|---|
| Standard new business illustration | 1 day |
| Specialised new business illustration Provision of illustrations for benefits, that may include scheme pension,or income drawdown. |
3 days |
| Acknowledging receipt of new applications | 1 day |
| Processing applications Includes issuing new plan documentation and establishment of a SIPP plan bank account with The Royal Bank of Scotland plc. |
1 day |
| Money received | 1 day |
|---|---|
| Payments out Dependent upon the availability of cleared funds. |
1 day |
| Reconciliation Reconciliation of the SIPP plan bank account held with The Royal Bank of Scotland plc. |
1 day |
| Transfer in or out Transfers, in particular in specie transfers, are complex and involve liaison with third parties. This is the timescale we aim to meet to process forms and respond to requests, during each part of the transfer process. |
3 days |
|---|
| Investment feasibility investigation Reviewing requests for investment in new assets of a complex nature, not already approved by us, and providing feedback. |
5 days |
|---|---|
| Processing new investments Dealing with each stage of an approved investment. |
1 day |
| Processing existing investments Dealing with each stage of any changes to an existing investment, such as a sale or partial disinvestment. |
1 day |
| Retirement illustrations Provision of retirement illustrations, for benefits a member may take from the SIPP. |
3 days |
|---|---|
| Paying pension commencement lump sums Processing and payment from available funds. |
5 days |
| Pension payments Establishing pension payroll records and making payment. Our payroll is run on the 18th of the month, or the previous working day if the 18th falls on a weekend or bank holiday. |
5 days |
| Requests for information Responding to enquiries received by post, fax, email or telephone that do not fall into the above categories. |
5 days |
|---|---|
| Reclaiming pension relief at source (PRAS) Submitting tax reclaims for qualifying contributions, within specified monthly reporting periods, to Her Majesty’s Revenue and Customs and crediting received funds into SIPP plan bank account on day of payment receipt. |
11 weeks (maximum) |
SIPP processing timescales
