The joint administrators of Rowanmoor Personal Pensions Limited (“RPPL”) have exchanged contracts with Alltrust Services Limited (“Alltrust”) for a sale of RPPL’s Self-Invested Personal Pension (“SIPP”) and Family Pension Trust (“FPT”) business following a period of marketing. The deal is expected to complete in February 2023.
Adam Stephens and Christopher Allen of Evelyn Partners LLP were appointed as joint administrators of RPPL on 31 August 2022, pursuant to an application made under Paragraph 22 of Schedule B1 of the Insolvency Act 1986 and with the consent of the FCA.
Alltrust is an established provider of trusteeship and administration services for various types of pension scheme including a variety of SIPP structures, with a particular focus on offering flexible investment options for its clients.
Adam Stephens, lead administrator, comments: “We are pleased to confirm that contracts have been exchanged for the sale of RPPL’s SIPP and FPT business to Alltrust, which we anticipate will complete in early 2023 and should provide continuity of service to RPPL’s clients. This is a good result and we thank all of Rowanmoor’s staff for their assistance and the company’s many clients for their patience whilst we work to finalise the sale.”
CMS Cameron McKenna Nabarro Olswang LLP are acting as legal advisers to the joint administrators on the sale, led by restructuring and insolvency partner Julian Turner, corporate partner Rizwan Rahman and pensions partner Alistair Hill.
The joint administrators can confirm that RPPL’s SIPP and FPT staff will transfer to Alltrust when the sale completes, which will assist in ensuring that clients will experience minimum disruption in the transfer process. Accordingly, the joint administrators and Alltrust do not anticipate that there will be any interruption to the services previously provided by RPPL.
Clients and advisers will receive letters in the coming days which provide further details regarding the business sale. Due to the ongoing postal strikes there may be a short delay in these letters being received, however further information including an updated FAQ document for clients is available on the dedicated RPPL administration webpage: www.evelyn.com/services/restructuring-and-recovery-services/rowanmoor-personal-pensions-limited.
Prior to entering administration RPPL specialised in the provision of scheme administration and scheme operation services in respect of SIPPs and FPTs. It administered c.4,000 SIPPs and c.800 FPTs, with a total investment value of c.£1.5bn.
The joint administrators can be contacted at RPPL@evelyn.com and 020 7131 8110.
Any right RPPL customers may have to make a claim against RPPL via the Financial Services Compensation Scheme (FSCS) will be unaffected by the business sale. Further information can be found on the FSCS website at https://www.fscs.org.uk/making-a-claim/failed-firms/corp-prof-pensions/.
Evelyn Partners is the UK’s leading wealth management and professional services group, created following the merger of Tilney and Smith & Williamson in 2020. With £62.2 billion of assets under management (as at 30 June 2024), we are one of the largest UK wealth managers ranked by client assets and the seventh largest accountancy firm by ranked by Group fee income (source: Accountancy Age 50+50 rankings, 2023).
We have a network of offices in 30 towns and cities across the UK, the Republic of Ireland and the Channel Islands. Through our operating companies, we offer an extensive range of financial and professional services to individuals, family trusts, professional intermediaries, charities, and businesses.
Our purpose is to ‘place the power of good advice into more hands’, and we are uniquely well-placed to support clients with both their personal financial affairs and their business interests. Our personal wealth management services include financial planning, investment management, personal tax advice and, through Bestinvest, we have a multi award-winning online investment service for self-directed investors. For businesses, our wide range of services includes assurance and accounting, business tax advice, employee benefits, forensics, fund administration, fund governance, recovery and restructuring and transaction services.
For further information please visit: www.evelyn.com
By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication.
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