Application Process

S615(6) IFA Guidance

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 resident.

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.

Immediate Remuneration

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.

Corporate Trustees - 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.

Principal 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 application form.
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 for them.
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) Trustees Limited.
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 option.

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