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 plc. This account is used to hold the SSAS‘s cash funds.
The main features of the account are:
- no transaction charges;
- instant access;
- monthly bank statements.
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.
Interest on the SSAS scheme bank account 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 SSAS scheme bank account is 0.12% p.a. (updated as at 8 February 2012).
This information relates to the Rowanmoor Pensions SSAS. 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 emailing us. Alternatively please visit our SSAS literature library.
