Scheme Structure
This section outlines the way in which both the SIPP and SSAS are structured.
Both schemes are 'trust' arrangements.
In the case of the SIPP, the 'master trust' of the scheme is operated on
behalf of City Trustees Limited by City Pensions Limited. Each individual scheme
is created by a supplemental deed to this master trust of which City Trustees and
the scheme member are both trustees. This should provide reassurance to scheme members
that they truly do have control over their pension scheme.
The SSAS is created by a trust deed to which both City Trustees and each member are
appointed trustees. Each scheme must have a bank account through which scheme transactions
are made although the trustees can decide which bank to use. City Trustees in their
capacity as professional trustees will oversee the running of the scheme and will
facilitate the necessary HMRC returns and trustee resolutions associated with the scheme.