Rowanmoor waives SSAS set up fees

Victoria McKeever writes

Pension provider Rowanmoor has waived the set up fees on its small self-administered schemes (SSAS), for both new and transferred schemes.

The offer is available between 1 October 2017 and 31 March 2018.

It applies to new schemes being set up as well as those transferred over from another scheme. There is also the option to reduce the cost of legal fees when transferring in, the firm said.

Without the offer, Rowanmoor charges £1,200 for setting up schemes as well as a £135 fee per member. On transferred schemes the sum is made up of an £800 fee for the takeover and a £400 investigation fee.

In July last year, Rowanmoor was acquired by Embark Group, which is also the owner of its rival Hornbuckle.

Embark Group distribution managing director Mark Hopcroft said: “Our focus is on helping advisers remove some of the challenges placed upon them by increased regulation and substandard service and we are delighted that the industry has recognised the value we add in helping manage complex schemes.

“We are thrilled to further help advisers by reducing client costs with the removal of the initial fee, and we would hope to encourage many more potential clients and advisers to benefit from the service we have and how we put this into practice for their benefit.”