Fiona Murphy asks: what does a recent legal case tells us about the shape of governance on SSAS schemes?
An interesting Pension Ombudsman decision caught my eye recently. Brothers, Richard and Terence Whyte owned shares in their family company and were the only members of its SSAS. In 2006, their trustee Rowanmoor Pensions informed Richard, through his IFA, the scheme rules would have to be updated in accordance with A-Day regulations. However, Terence refused to amend the rules and trust deed; as Rowanmoor recommended, due to legal action between the brothers. Later the company went into liquidation and the scheme was frozen. Terence then notified Rowanmoor he wanted to take his pens...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes