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December 7, 2022

Rowanmoor Administrators agree sale of SIPP business

The administrators of Rowanmoor have agreed the sale of Rowanmoor Personal Pensions Limited’s SIPP and family pension trust business to Alltrust Services.

Alltrust Services are a boutique SIPP and Ssas pension provider.

The deal is expected to be completed in February 2023.

Lead administrator Adam Stephens said: “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.

The Rowanmoor Group Ltd is the parent company for the three companies. Rowanmoor Executive Pensions Limited, Rowanmoor Personal Pensions Limited and Rowanmoor Trustees Limited.

Rowanmoor Personal Pensions Limited (RPPL) is a Self-Invested personal pension (SIPP) operator and is authorised and regulated by the FCA.

The company’s small self-administered schemes (SSASs) is operated by Rowanmoor Executive Pensions Limited,

According to ft Adviser Rowanmoor has sold its unregulated Ssas book to Westbridge Group.

Why did Rowanmoor Personal Pensions go into Administration?

After seeking professional advice about the liabilities arising from client complaints, as well as potential complaints, the directors determined that the company was insolvent and should be placed into administration.

In August 2022, the FCA announced that Rowanmoor Personal Pensions Ltd had appointed joint administrators. And the FSCS began investigating if there were eligible claims.

How does this affect your pension if you have a Rowanmoor SIPP?  

In effect, whatever assets (no matter the value) and any monies currently held in your Rowanmoor SIPP will be transferred over to Alltrust Service.

Alltrust Services will become your new pension scheme administrator.

You will not have lost money from your pension through the sale however, as with Rowanmoor annual fees will be applicable for administrating your pension.

These will be outlined to you by the new scheme provider.

The Joint Administrators will shortly be writing to clients and creditors to provide them with additional information relating to the Administration and to explain how the process will proceed.

How does this affect your claim against Rownamoor?

This sale will not affect any Financial Services Compensation Scheme (FSCS) claims we submit against Rowanmoor. Meaning there could still be a substantial pay-out from the lifeboat fund.

 

If you have any questions about this or your claim – feel free to get in touch! We are here to answer your questions.

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.