The joint administrators of Rowanmoor Personal Pensions Limited have exchanged contracts with Alltrust Services Limited for a sale of RPPL’s Self-Invested Personal Pension and Family Pension Trust 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.