Applying for a Family Pension Trust (FPT) or Group Scheme with Alltrust involves a structured process to ensure the scheme is set up correctly, meets regulatory requirements, and reflects the needs of all members.
Because an FPT is a trust-based pension arrangement, the application process is more detailed than a standard personal pension and requires coordination between members, trustees, and (where applicable) advisers.
1. Speak to a regulated financial adviser
Before applying, it is important to understand how an FPT or Group Scheme works and whether it is suitable for your circumstances.
At Alltrust, we strongly recommend that you seek regulated financial advice:
- FPTs are complex, long-term pension arrangements
- Investment decisions sit with members and trustees
- Certain transactions (such as transfers or non-standard investments) may require advice
In most cases, we will work with your chosen regulated financial adviser, who must have Terms of Business in place with Alltrust.
If you wish to proceed without advice, you will need to meet our Knowledgeable Investor requirements.
2. Prepare your application documentation
To establish a new Family Pension Trust or Group Scheme, a number of documents must be completed.
Installation Questionnaire (scheme-level document)
This form sets up the overall scheme structure and must be completed and signed by:
- The chairperson (a member trustee)
- All participating member trustees
It includes:
- Scheme details and participating members
- Appointment of the chairperson
- Reason for establishing the scheme
- Details of any common investment funds
- Adviser and accountant details
- Trustee declarations
Incomplete information may delay HMRC registration and scheme setup.
Member Questionnaire (one per member)
Each member must complete their own Member Questionnaire, which captures:
- Personal and contact details
- Employment and financial background
- Tax status and entitlement to tax relief
- Contribution and transfer details
- Investment intentions
- Beneficiary nominations
- Member declarations and consents
A separate questionnaire is required for every member joining the scheme.
3. Complete identity verification (ID Pal)
All members must complete identity verification using ID Pal.
- This is part of our anti-money laundering (AML) and regulatory checks
- Electronic checks may leave a record on your credit file, but will not impact your credit score
Your application cannot proceed until all identity checks are completed.
4. Submit your application
Once all documents are complete, they should be submitted to:
📧 [email protected]
Your submission should include:
- Installation Questionnaire
- Member Questionnaire for each member
- Supporting documentation
We will then:
- Review your application
- Carry out due diligence and regulatory checks
- Confirm adviser permissions (where applicable)
- Contact you if further information is required
5. Scheme establishment and HMRC registration
Once your application is accepted:
- The scheme is established under trust
- Alltrust will arrange registration with HMRC
- Bank accounts will be opened for:
- Each member
- The scheme
- Any common investment funds
Please note:
- Contributions cannot be accepted until HMRC registration is complete
- A minimum balance must be maintained to cover scheme costs. Please refer to Family Pension Trust Key Features for more information found within our Document Library.
6. Funding your Family Pension Trust
Once established, your FPT or Group Scheme must be funded.
Minimum investment requirement
To set up an Alltrust Family Pension Trust, there is a minimum investment amount of £200,000.
- This must be met through pension transfers, contributions, or a combination of both
- The scheme cannot become fully operational until this requirement is satisfied
Funding options
Funding can include:
- Transfers from other pension schemes
- Employer contributions
- Personal contributions
- A combination of the above
When transferring pensions:
- Full details must be provided in your Member Questionnaire
- You should seek financial advice, particularly if safeguarded benefits are involved
7. Investment setup
Once your scheme is funded:
- Members (and trustees) decide how funds are invested
- Investments may be held individually or through common investment funds
- Alltrust administers the scheme but does not provide investment advice
For Group Schemes:
- Shared investment decisions must typically be agreed by participating members
- Instructions are often coordinated through the chairperson
Important regulatory considerations
A Family Pension Trust or Group Scheme is a complex financial arrangement and may not be suitable for everyone.
- You are responsible for the information you provide and the decisions you make
- Investment values can go down as well as up
- Pension rules, tax treatment, and legislation may change over time
Financial advice is strongly recommended
You should seek advice from a suitably qualified and regulated financial adviser before:
- Applying for an FPT or Group Scheme
- Transferring pension benefits
- Making investment decisions
- Taking pension benefits
Alltrust does not provide financial advice, and in some cases may require evidence of advice before proceeding with certain transactions to meet regulatory obligations.
Summary
Applying for a Family Pension Trust or Group Scheme involves:
- Speaking to a regulated financial adviser
- Completing the Installation Questionnaire
- Completing a Member Questionnaire for each member
- Completing ID Pal identity verification
- Submitting documents to [email protected]
- Funding the scheme (including meeting the £200,000 minimum investment requirement)
- Investing once the scheme is established
Because of the governance, documentation, and regulatory requirements involved, it’s important to fully understand the arrangement and seek professional advice before proceeding.
