Rowanmoor Group plc supportive of HMRC's decision to clamp down
Press Release 23 October 2013
Rowanmoor Group plc supportive of HMRC’s decision to clamp down on pension liberation Rowanmoor Group plc, the UK’s largest independent SSAS provider and a bespoke SIPP and Family Pension Trust (Family SIPP) operator, has welcomed the move announced this week by HMRC to change the process for registering pension schemes.
Earlier this week, HMRC announced a change in the process for registering a pension scheme, in a move designed to prevent pensions liberation fraud. Instead of using automatic scheme registration procedures, HMRC will now risk-assess all applications in order to determine whether to register the scheme. It will no longer be an immediate automated process to register a scheme, and therefore more difficult for pension liberation fraudsters to set up schemes.
As every new SSAS and Family Pension Trust must be individually registered, Rowanmoor Group plc is reviewing and updating its own procedures to ensure new schemes are established and authorised as quickly as possible following the decision by HMRC. Although timescales to establish new schemes will be affected as a result of HMRC’s registration process change, the Group does not anticipate that its customers will see any significant change in service levels. Commenting on HMRC’s decision, Robert Graves, Head of Technical Services at Rowanmoor Group plc, said: “We welcome the Government’s decision to tighten up the scheme registration process. It is a necessary move that will ultimately help to prevent pensions liberation fraud and misuse of the pensions system.
Member-directed pension schemes and SSAS in particular are under the
spotlight as being easy vehicles for pensions liberation fraudsters. “Whilst HMRC’s move is a good and welcome step in the right direction, it would be great to see further moves to eliminate pension liberation fraud and reinstate confidence in the pension system. Accreditation of professional administrators could help ease HMRC’s role in registering individual schemes and overcome some of the difficulties that still remain in making transfers between schemes.
Rowanmoor Pensions is a trading name of Rowanmoor Group plc (No. 5792242). Registered in England at Rowanmoor House, 46-50 Castle Street, Salisbury SP1 3TS. Page 1 of 2
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“There will be some effect on the time it takes to establish new schemes and we will be monitoring this in order to ensure we maintain our exceptional standard of efficiency and customer service.” - Ends – Editors’ notes For further information, please contact: Rowanmoor Group plc Robert Graves Head of Pensions Technical Services Rowanmoor Group plc 08445 440 716 [email protected] Anna Hopkinson Marketing Manager Rowanmoor Group plc 08445 440 667 [email protected] Redleaf Polhill Sally Walton/George Parrett/Sophie Roe Redleaf Polhill 020 7382 4747 [email protected] [email protected] [email protected] About Rowanmoor Group plc
Rowanmoor Pensions is a trading name of Rowanmoor Group plc (No. 5792242) . Rowanmoor Group plc, trading as Rowanmoor Pensions, is the UK’s largest independent small selfadministered scheme (SSAS) provider and a bespoke self-invested personal pension (SIPP) and Family Pension Trust (Family SIPP) operator. The Group also offers professional actuarial, consultancy and scheme accountancy services, and automatic enrolment administration services for NEST accounts. Rowanmoor Group plc provides and administers member-directed pension schemes: o Small Self-Administered Schemes (SSAS) o Self-Invested Personal Pensions (SIPP) o Family Pension Trusts (also known as Family SIPPs). Rowanmoor Group plc was awarded best SSAS provider in the 2008, 2009, 2010, 2011 and 2012 Investment, Life and Pensions Awards Moneyfacts Awards. The Rowanmoor Group plc website is www.rowanmoor.co.uk Rowanmoor Group plc currently employs over 240 people. Rowanmoor Personal Pensions Limited, a subsidiary of Rowanmoor Group plc is the scheme Administrator and scheme operator for schemes established under a Rowanmoor Pensions Family Pension Trust and the Rowanmoor Pensions SIPP and is authorised and regulated by the Financial Conduct Authority (Register number 458260).
Rowanmoor Pensions is a trading name of Rowanmoor Group plc (No. 5792242). Registered in England at Rowanmoor House, 46-50 Castle Street, Salisbury SP1 3TS. Page 2 of 2
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Rowanmoor Group plc supportive of HMRC’s decision to clamp down on pension liberation Rowanmoor Group plc, the UK’s largest independent SSAS provider and a bespoke SIPP and Family Pension Trust (Family SIPP) operator, has welcomed the move announced this week by HMRC to change the process for registering pension schemes.
Earlier this week, HMRC announced a change in the process for registering a pension scheme, in a move designed to prevent pensions liberation fraud. Instead of using automatic scheme registration procedures, HMRC will now risk-assess all applications in order to determine whether to register the scheme. It will no longer be an immediate automated process to register a scheme, and therefore more difficult for pension liberation fraudsters to set up schemes.
As every new SSAS and Family Pension Trust must be individually registered, Rowanmoor Group plc is reviewing and updating its own procedures to ensure new schemes are established and authorised as quickly as possible following the decision by HMRC. Although timescales to establish new schemes will be affected as a result of HMRC’s registration process change, the Group does not anticipate that its customers will see any significant change in service levels. Commenting on HMRC’s decision, Robert Graves, Head of Technical Services at Rowanmoor Group plc, said: “We welcome the Government’s decision to tighten up the scheme registration process. It is a necessary move that will ultimately help to prevent pensions liberation fraud and misuse of the pensions system.
Member-directed pension schemes and SSAS in particular are under the
spotlight as being easy vehicles for pensions liberation fraudsters. “Whilst HMRC’s move is a good and welcome step in the right direction, it would be great to see further moves to eliminate pension liberation fraud and reinstate confidence in the pension system. Accreditation of professional administrators could help ease HMRC’s role in registering individual schemes and overcome some of the difficulties that still remain in making transfers between schemes.
Rowanmoor Pensions is a trading name of Rowanmoor Group plc (No. 5792242). Registered in England at Rowanmoor House, 46-50 Castle Street, Salisbury SP1 3TS. Page 1 of 2
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Press Release
“There will be some effect on the time it takes to establish new schemes and we will be monitoring this in order to ensure we maintain our exceptional standard of efficiency and customer service.” - Ends – Editors’ notes For further information, please contact: Rowanmoor Group plc Robert Graves Head of Pensions Technical Services Rowanmoor Group plc 08445 440 716 [email protected] Anna Hopkinson Marketing Manager Rowanmoor Group plc 08445 440 667 [email protected] Redleaf Polhill Sally Walton/George Parrett/Sophie Roe Redleaf Polhill 020 7382 4747 [email protected] [email protected] [email protected] About Rowanmoor Group plc
Rowanmoor Pensions is a trading name of Rowanmoor Group plc (No. 5792242) . Rowanmoor Group plc, trading as Rowanmoor Pensions, is the UK’s largest independent small selfadministered scheme (SSAS) provider and a bespoke self-invested personal pension (SIPP) and Family Pension Trust (Family SIPP) operator. The Group also offers professional actuarial, consultancy and scheme accountancy services, and automatic enrolment administration services for NEST accounts. Rowanmoor Group plc provides and administers member-directed pension schemes: o Small Self-Administered Schemes (SSAS) o Self-Invested Personal Pensions (SIPP) o Family Pension Trusts (also known as Family SIPPs). Rowanmoor Group plc was awarded best SSAS provider in the 2008, 2009, 2010, 2011 and 2012 Investment, Life and Pensions Awards Moneyfacts Awards. The Rowanmoor Group plc website is www.rowanmoor.co.uk Rowanmoor Group plc currently employs over 240 people. Rowanmoor Personal Pensions Limited, a subsidiary of Rowanmoor Group plc is the scheme Administrator and scheme operator for schemes established under a Rowanmoor Pensions Family Pension Trust and the Rowanmoor Pensions SIPP and is authorised and regulated by the Financial Conduct Authority (Register number 458260).
Rowanmoor Pensions is a trading name of Rowanmoor Group plc (No. 5792242). Registered in England at Rowanmoor House, 46-50 Castle Street, Salisbury SP1 3TS. Page 2 of 2
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