Pension Trustee, Company, Charity and Trust Accounts

Opening a Pension Trustee Account

UK-registered Pension Trusts can utilise our wide fund range to make investments while the trustees retain all scheme administrative functions. In addition, Pension Trusts can access valuable services through our platform, such as holding multiple member accounts with easy to reference designations. The account will be set up in the names of the trustees. All trustees are required to be account holders – we find this most accurately represents the legal ownership of the trust. We also find this helps to identify who needs to agree any instructions. 

Please contact us before you submit an application – if we already have a relationship with your client's pension company, this may mean there is a different account-opening process.

We require the following documentation to set up an account:

• A Pension Trustee application form, in the names of all the trustees

• The establishing Trust Deed for the Scheme.

• If the member is a trustee, the Supplemental Deed appointing the individual as trustee and verification for that individual

• PSTR certificate or print-screen from HMRC website showing PSTR information or pension scheme annual return.

If there is a corporate trustee, we also require:

• The names and DOBs of all directors and Chairperson/CEO/CFO. We need the name and position of the people who sign the application form and will cross reference authority to act. This information can be sent by letter on company letterhead.

• Verification for shareholders who own more that 25%. Where there is no shareholder with more that 25%, we need to verify the Senior Management Officials for the company, a list of names can be sent by letter on company letterhead with standard AML evidence for each.

• A board resolution or equivalent detailing the powers/authority of each of the authorised signatories. We additionally need a signatory list with names and specimen signatures. For some companies, this could be the same document, either a board resolution or signatory list, but must fulfil both requirements: specific powers/authority and specimen signatures.

• Payment from the scheme bank account (we cannot accept payment from any other source). We can accept cheques or completed Telegraphic Transfer forms for electronic payments; we will contact you with our bank details on receipt of the application (please do not transfer a payment to us beforehand)

• Investing in reportable assets: For accounts held for a personal pension we need nationality details for the beneficiary if they are an account holder or the LEI for the scheme. For accounts held for an occupational pension we need the scheme’s LEI.

• The names and DOBs of all directors and Chairperson/CEO/CFO.

• We need the name and position of the people who sign the application.

Application forms for opening an account

You’ll find all application forms relating to Trust Accounts below. If you are sending payments to us electronically via bank transfer, applications can be submitted to us via our Upload & Send service or alternatively posted.

*Please note that new accounts will be opened on our main administration system from Monday 26^th February 2024. From this date please use the applications for new accounts and migrated accounts. Personal pension trust accounts with a sole corporate trustee will be eligible for migration. Occupational Schemes or pensions with multiple trustees will migrate at a later date, meaning the unmigrated application forms continue to apply after 26^th February for these accounts. 

Other useful applications

Opening a Company Account

You can establish UK-based company accounts through us. This section is based on a private limited company with share capital. The account will be set up in the name of the company. Instructions should be signed by the authorised signatories of the company.

We require the following documentation to set up an account:

• A company application form signed by two authorised signatories

• An Entity Self-Certification Form

• The names and DOBs of all directors and Chairperson/CEO/CFO. The name and position of the people who sign the application form. This information can be sent by letter on company letterhead.

• Verification for shareholders who own more that 25%. Where there is no shareholder with more that 25%, we need to verify the Senior Management Officials for the company, a list of names can be sent by letter on company letterhead with verification for each. 

• A board resolution or equivalent detailing the powers/authority of each of the authorised signatories. We additionally need a signatory list with names and specimen signatures. For some companies, this could be the same document, either a board resolution or signatory list, but must fulfil both requirements: specific powers/authority and specimen signatures.

• Payment from the company bank account (we cannot accept payment from any other source). We can accept cheques or completed Telegraphic Transfer forms for electronic payments; we will contact you with our bank details on receipt of the application (please do not transfer a payment to us beforehand)

• Investing in reportable assets: For company accounts we need the company’s LEI.

Application forms for opening an account

You’ll find all application forms relating to Company Accounts below. If you are sending payments to us electronically via bank transfer, applications can be submitted to us via our Upload & Send service or alternatively posted.

*Please note that new accounts will be opened on our main administration system from Monday 26^th February 2024. From this date please use the applications for new accounts and migrated accounts.

Other useful applications

Opening a Charity Account

We support investments for all UK-based charities registered with their national Charity Commission, whether established by trust or incorporated. Charities can utilise our full fund range while retaining all administrative functions. The account will be set up in the name of the charity. Instructions should be signed by authorised signatories of the charity. Please contact us beforehand so we can provide best guidance on requirements.

We require the following documentation to set up an account:

• A Company application form (which is also suitable for charity investments), signed by two authorised signatories
• An Entity Self-Certification Form required under the UK’s Automatic Exchange of Information regulations.
• A certified original governing document (for example, a Trust Deed or Rules)
• If the charity is incorporated, the Company House registration number
• Verification for all trustees or officers of the Charity. Where there is a substantial number of trustees or officers (e.g. above 5), we will accept a list of people with day to day operational control signed by one of the trustees or officers and need to verify these individuals. We still need names and DOBs for all trustees or officers.
• If the Charity is set up as a trust and the settlor is alive, we need to verify them. Also, if there is a significant donor and they are still alive, we need to verify them.
• If not provided in other documentation, we need the position of the person(s) who sign the application form.
• A board resolution or equivalent detailing the powers/authority of each of the authorised signatories. We additionally need a signatory list with names and specimen signatures. For some Charities, this could be the same document, either a board resolution or signatory list, but must fulfil both requirements: specific powers/authority and specimen signatures
• Payment from the charity’s bank account (we cannot accept payment from any other source). We can accept cheques or completed Telegraphic Transfer forms for electronic payments; we will contact you with our bank details on receipt of the application (please do not transfer a payment to us beforehand)
• Investing in reportable assets: For charity accounts we need the charity’s LEI.

Application forms for opening an account 

You’ll find all application forms relating to Charity Accounts below. If you are sending payments to us electronically via bank transfer, applications can be submitted to us via our Upload & Send service or alternatively posted. 

*Please note that new accounts will be opened on our main administration system from Monday 26^th February 2024. From this date please use the applications for new accounts and migrated accounts.

Other useful applications

Opening a Trust Account

The account will be set up in the names of the trustees. All trustees are required to be account holders – we find this most accurately represents the legal ownership of the trust. This also helps to identify who needs to agree any instructions

We require the following documentation to set up an account:

• A trust application form, in the names of all the trustees

• The Deed which established the trust and names the settlor, beneficiary and any other controllers such as protectors or appointers. Additionally, where there have been changes to trustees, the Deeds showing the changes.

• For a trust set up by Will, we will need a certified or original copy of the Will and Grant of Probate. Additionally, where there have been changes to trustees, the most up to date Deed naming the current trustees

• Identification for all trustees, the settlor, appointer or protector and any beneficiary with an absolute entitlement (If there are any difficulties providing this information please contact us for guidance).

• Individual Self-Certification for all absolutely entitled beneficiaries (including minors). This is completed within the Trust application form and is used to record tax residency information required under the UK’s Automatic Exchange of Information regulations.

• Payment from the settlor, trustees, a trust bank account or a solicitor’s client account (if acting professionally for the trust). We accept cheques or completed Telegraphic Transfer forms for electronic payments. We will contact you with our bank details on receipt of the application (please do not transfer a payment to us beforehand).

• Investing in reportable assets: For all bare trust beneficiaries and trustees, we need full name, date of birth, reportable nationality and national identifier. For other trusts we need the trust’s Legal Entity Identifier (LEI).

• The HMRC Certificate of Registration will be needed unless the Trust is exempt.

Application forms

You’ll find all application forms relating to Trust Accounts below. If you are sending payments to us electronically via bank transfer, applications can be submitted to us via our Upload & Send service or alternatively posted.

Additional support material for Trusts

Here you find guides for the various types of trust accounts that can be held on the platform along with trust deed templates and documents for change of trustees.

Yes, we offer the option of investing on behalf of a child through a trust. If your client already has a trust, we can set up an Investment Account in the name of the trustees. You can find how to do this in the section above. If your client does not already have a trust, they have the option of setting up an account using our Bare Trust for a child.

Clients also have the option of opening a Junior ISA or a Junior Pension for a child. If the client would prefer to retain ownership of the investments but simply earmark them for a child's benefit, they may prefer to open an Investment Account with a designation that mentions the child.

Yes, please complete the  Change of trustees form.

This is an online process. Please go to ‘Quote and Transact’ within Client Management to switch and rebalance trust investments.

All trustees must sign the instruction. Alternatively, if we have a completed Joint Holder Special Renunciation form   signed by all account holders on record, the instruction can be signed by one trustee.

You can place the sell instruction online and print out a paper form for all the trustees. We will carry out the instruction when we have received the form. We can make the payment to any of the trustees or to the trust bank account. In some cases, we may need to see identification verification documents. We plan to offer an online withdrawal service in the future.

Yes, because trust rules are highly complex and vary from one trust to another, we only accept instructions signed by all the trustees. In some situations – such as when a trustee is too ill to sign – we may be able to make an exception. This will be decided on a case-by-case basis.

Not necessarily. Designations are a way for your clients to personalise their accounts. The question of whether an account is held in trust or not depends on the arrangements it was established under and whether the investments are intended as a gift.

Adviser Fees serviceOnce an account is set up, you can manage all fee payments online, including Adviser Ongoing Fees and Adviser Specified Fees, through our Adviser Fees service.

Yes. You can find out all you need to know about setting up and managing model portfolios and using defined models from Discretionary Fund Managers here.

You can access the account under the companies and trusts account search. You can view the account and place the following deals: Switch, rebalance, sell to pay specified fee, illustration and manage fees. The sell option will produce a manual form which you will need to print, sign and send to us via our Upload & Send service.

Below is a table showing what access is available to trusts, pension trusts and companies/charities:

All accounts that have migrated to our existing administration system will have access to a Product Cash Account (PCA) and a Cash Management Account (CMA) will be created where relevant (the exceptions are for some pension trust accounts where there is an external pension account manager and for offshore bond accounts held with Canada Life and Utmost).

Those accounts not yet migrated to our existing administration system do not have a cash facility.

Yes, however accounts that have not yet migrated to our existing administration systems can only invest in a limited range of exchange traded assets, such as investment trusts and ETFs, and these deal on a forward pricing basis.