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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.
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: https://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 was created in 2020 through the merger of Tilney and Smith & Williamson. With £63.0 billion of assets under management (as at 31 December 2024), we are one of the largest UK wealth managers ranked by client assets.
Through an extensive network of offices across 25 towns and cities in the UK, as well as the Republic of Ireland and the Channel Islands, we support private clients, family trusts and charities, as well as provide investment solutions to financial intermediaries. Our diverse client base includes entrepreneurs, C-suite senior managers and partners of professional firms.
Our expertise span both award-winning financial planning and investment management, enabling us to offer clients a truly holistic dual expert wealth management service. Through Bestinvest, we also provide an online investment platform and coaching service, for self-directed investors, consistent with our purpose of ‘placing the power of good advice into more hands’.
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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