Rowanmoor Personal Pensions enters administration

All consumers should remain alert to the possibility of fraud. If you are a RPPL client and are cold called by someone claiming to be from RPPL, Evelyn Partners or any other company claiming to be involved in the administration, please end the call and contact the administrators using the details below:

• Email: [email protected]
• Call: 020 7131 8110

For further information on how to protect yourself from the most common types of scams visit our protect yourself from scams and Scamsmart pages.

Although RPPL is in administration, it remains an FCA-authorised firm and is still subject to our rules. It can continue to operate existing pensions whilst the administrators look for a new operator.

The administrators will continue operating RPPL’s pension schemes meaning there are no immediate changes to the way your pension is handled, including if you are taking withdrawals from your pension via drawdown. The administrators will also continue to accept regular or ad hoc contributions into your pension.  

As stated above, your pension assets are not affected by RPPL entering administration. This is because the pension scheme assets (including cash) are held in trust by Rowanmoor Trustees Limited (RTL), which has not entered administration. 

The Rowanmoor group also operates small self-administered schemes (SSAS), a type of occupational pension. However, these schemes are not affected because they are operated by Rowanmoor Executive Pensions Limited (REPL), which has not entered administration. 

We are in regular contact with the administrators who are looking at the options available, including the transfer of RPPL’s clients to another FCA regulated SIPP operator. This option is likely to result in the least disruption to clients. 

If this is not possible, the administrators will look to pursue other options aimed at transferring SIPPs or returning pension assets back to clients.

The administrators will publish detailed guidance on the next steps for RPPL’s clients and creditors on a dedicated webpage. 

RPPL received complaints about historic high-risk non-standard assets and for not carrying out adequate due diligence before accepting these assets into customers’ SIPPs. The Financial Ombudsman Service upheld a complaint which was representative of most of the complaints received.

RPPL sought professional advice about the liabilities arising from existing and potential complaints. Having done so, RPPL’s directors determined that the company was insolvent and should be placed into administration.

As RPPL is now in administration, you will no longer be able to refer a complaint about RPPL to the Financial Ombudsman Service. 

However, if you wish to make a claim about any losses experienced by transferring your pension to RPPL, the Financial Services Compensation Scheme (FSCS) is open to claims against RPPL and will be able to investigate whether there are any claims that meet their qualifying conditions for compensation.

Some clients of RPPL may have already received FSCS compensation for advice to transfer their pension to RPPL where the financial adviser firm has failed. These clients can now also make a second FSCS claim for compensation about RPPL’s actions. Clients should be aware that FSCS will take into account compensation paid previously in calculating any compensation in respect of a claim against RPPL. 

If you are a client of RPPL you should visit the dedicated page on the FSCS website to find more about FSCS and its investigations. The FSCS will keep this page updated.

The Financial Services Compensation Scheme (FSCS) is the compensation scheme for clients of UK authorised financial services firms and protects consumers when those firms are not able to meet protected claims against them. The FSCS has eligibility criteria in respect of the activities and the people who are covered. 

Clients of RPPL can find more general information about the FSCS on its website along with details on how to contact them directly.

If you have a claim with the FSCS against a different authorised firm (i.e. a financial adviser) relating to an investment within an RPPL SIPP, the FSCS will continue to process that claim. 

If you have already referred a complaint to the Financial Ombudsman Service (FOS), you don’t need to take any action at the moment. The FOS will contact you in due course regarding the next steps. The FSCS will also update its website with any news or important developments regarding its investigations.

You do not need to use a claims management company (CMC) to make a claim against the firm or through the FSCS. CMCs may approach RPPL’s clients offering help to bring claims against it. Be cautious if you are approached by one of these companies.

For most consumers, there is no benefit to using a third party to make a claim. Any clients of RPPL who believe they have a complaint against the firm should now contact the FSCS in the first instance.

Contracts were exchanged in respect of a sale of the Company’s business to Alltrust on 5 December 2022. 

It is currently anticipated that the sale will complete on 10 February 2023, at which time Alltrust will take over the operation and management of all customers’ SIPPs and Family Pension Trusts (FPTs).

Alltrust is an established pension provider and is authorised and regulated by the Financial Conduct Authority with Firm Reference Number 461966. It is a Company registered in England and Wales under Company Number 05365396. 
 
You can find further information on the Alltrust website. 

Information regarding how the transition from RPPL to Alltrust will impact your SIPP and/or FPT can be found on the administrators’ dedicated webpage.