S615(6) is a tax advantaged
arrangement just like a SIPP or a SASS and can be administered
independently or lodged on a wrap platform just like its Registered
Pension counterparts. For multi-member schemes funded by regular
instalments, it is recommended that a wrap platform operating
a gross nominee account is used for administrative simplicity.
The wrap provider's terms
of business and fund link details are available from here.
The wrap platforms
with which s615(6) Trustees Limited deal will operate a
Gross Investment Account ("GIA") avoiding the
difficulties of recovering any tax deducted at source by
investment operators. Once the platform has acknowledged
receipt of the GIA application form the client will have
the full fund range offered by the platform available to
it without the need to justify the scheme's existence or
comply with money laundering requirements with every fund
management house chosen. This process needs only to be dealt
with once only.
If you have a strong
working relationship with a platform with which s615(6)
Trustees Limited does not currently co-operate and would
like to use that platform for s615(6) business, please contact
s615(6) Trustees Limited to discuss. It is vital the platform
offers a gross nominee service and it is worth addressing
this with the platform operator as a first step.
No Waiting For Acceptance
Because s615(6) Limited enjoys
a strong relationship with the platform and has long experience
of working with the Pension Schemes Office Overseas Schemes Section
("PSOOSS"), the platform will allow contributions to
commence to the scheme immediately upon submission of the Scheme
to the PSOOSS rather then waiting for the Scheme to gain acceptance.
This may prove particularly valuable approaching company year
ends or tax year ends in the country in which the employee is
If you have a strong working
relationship with a platform with which s615(6) Limited does not
currently co-operate and would like to use that platform for s615(6)
business, please contact s615(6) Limited to discuss. It is vital
the platform offers a gross nominee service and it is worth addressing
this with the platform operator as a first step.
As the intermediary, you
will have advisory or discretionary powers over the underlying
scheme assets depending upon your relationship with the client
and your scope under the Financial Services Act 1986 if authorised
by the Financial Services Authority, or by the relevant local
governing body, if outside the UK. It is through control of the
underlying assets that intermediary remuneration is generated.
Initial commission and fund based trail commission will be generated
by the platform operator, paid directly to the intermediary under
the terms of business arrangements between the platform operator
and the intermediary.
There are two versions of a s615(6) Trust available from s615(6)
Trustees Limited. The Scheme Rules provide for the same benefits
but the trustee appointment is shaped by whether the principal
employer to the scheme is prepared to act as trustee or not.
- For the same fees as those charged for advising a Principal
Employer Trust s615(6) Trustees Limited will act as corporate
trustee to the scheme. For further details of their specific charges,
please contact s615(6) Trustees Limited.
Employer Trust - whereby the company employing the
member acts in the capacity of trustee. There are no named
trustees appointed - whoever owns the company controls
the trust and acts in the capacity of trustee. All legal
formalities of establishing and maintaining the trust
rest with the company owners and officers but the administrative
requirements are not onerous. s615(6) Trustees Limited
is on hand to offer guidance at every stage.
Establishing a scheme will
require the following steps:-
1. If you do not already have terms of business with the platform
operator, contact the platform website to obtain the necessary
2. Complete either of the Trust Deeds dependent upon the needs
of the employer. The full application set and deeds may be obtained
by contacting s615(6) Trustees Limited.
3. Complete a Member Application Form for each proposed scheme
member. The Member Form should contain details of the initial
contribution; it is not obliged to schedule the intended contribution
schedule in any detail. New Members can join an established scheme
at any time by the employer completing a Member Application Form
4. Have each member complete a Beneficiary Nomination Form. It
is not necessary for the Beneficiary Nomination to be forwarded
to s615(6) Trustees Limited. It may be that the member would like
to keep the details of his elected beneficiaries confidential
from his employer. If this is the case, he should forward the
Form in a sealed envelope marked "to be opened only in the
event of my death" and dated, to s615(6) Trustees Limited
The importance of the date on the envelope and on the form itself
is so that the most recent changes to the Beneficiary Nomination
submitted to the Trustees can be identified as the latest nomination.
Beneficiary Nominations can be changed at any time by writing
to the Trustees.
5. A platform application form establishing contact details of
the Trustee and the asset allocation will be completed by either
the employer for a Principal Employer Trust or by s615(6) Trustees
Limited if appointed as corporate trustee. A form is required
for each member as a separate wrap account will be established
for each member. It is possible to establish a standard asset
allocation either for each scheme or for each member, if preferred.
This standard asset allocation will be used for each contribution
received unless and until changed.
6. If the contributions are to be paid in the form of a series
of single contributions, an Employer Payment Schedule will be
required each time a payment is made to identify for which member's
benefit the money is to be applied. If regular contributions of
a fixed amount are to be paid by direct debit mandate, then this
form is not required.
Standard money laundering requirements will need to be fulfilled
at inception. It is the responsibility of the intermediary to
provide confirmation to the trustees and the platform provider
that money laundering checks have been completed and certified
copies of the documentation obtained by the intermediary to establish
this will be required by the platform operator.
In establishing the scheme, all the forms should be sent to s615(6)
Any questions regarding the operation of s615(6) schemes and all
enquiries regarding acceptance, regulations, membership, permissible
assets, limits, trustee restrictions or any other scheme related
questions, should be directed to s615(6) Trustees Limited.
Once the scheme has been established and platform account references
identified to the intermediary, all future communications relating
to contributions, asset allocation and distributions should be
conducted on-line or directly between the intermediary and the
platform operator with copies to the trustees.
New members added to the trust after the trust has been established
will require a new wrap platform application form to set up the
individual member's account. A new Member Application Form and
Beneficiary Nomination Form should also be completed, the Applications
to be forwarded to s615(6) Trustees Limited and the Beneficiary
form to be retained by the trustees.
The platform provider will issue half yearly statements of account
to the address they hold on their system for communication purposes.
If in any doubt the intermediary will be entered here as the default
For further information please contact us:
If in doubt, please call
Section615(6) Trustees Limited on 01483-212591
Or if you prefer by email
contact s615(6) Limited
If you would like to download
a copy of our Section615 International Retirement Benefit Scheme
brochure, please do so here