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|Fees & Services
Level 1 Advisory role only. Minimum suggested retainer fee - £0
This is for clients who require only a minimal ad hoc consultancy service. The Hanover Trustee Company would not be retained as an Independent Trustee and Hanover Pensions would charge for any other work undertaken on behalf of clients at our normal hourly rates. Clients should note that if this level is chosen it will be necessary to unravel the current co-ownership requirements that is the title documentation relating to scheme assets and bank mandates etc. This unfortunately will involve some cost.
Level 2 Scheme Practitioner - Suggested minimum retainer £250 per half year.
In essence this level of service will be very similar to that at Level 1 except Hanover Pensions will be appointed as the Scheme Practitioner and clients will be paying a retainer which will qualify for the reduced time rates up to the amount of the retainer chosen.
Level 3 Scheme Practitioner and Independent Trustee - Suggested minimum retainer £375 per half year plus Trustee Fees.
This level of service will be very similar to that currently provided to clients. The Hanover Trustee Company Limited will continue to act as an Independent Trustee and Hanover Pensions will be appointed as the Scheme Practitioner. Trustee fees and the Retainer will be invoiced together.
Level 4 Scheme Practitioner Independent Trustee Scheme Administration Services
Suggested minimum Retainer £500 per half year plus Trustee Fees.
At this Level Hanover will offer a wider range of administrative services. It is not our intention however to provide a complete administration service - rather Hanover will be providing comprehensive checks to ensure the efficient operation of the scheme and its continued approval as well as administrative duties which the client would prefer Hanover to undertake i.e. to compliment the clients own management of the scheme.
Level 5 - Scheme Administrator Scheme Practitioner and Independent Trustee
Suggested minimum retainer £625 per half year plus Trustee Fees.
Hanover envisage that certain of our clients will wish us to take complete responsibility for their scheme including the role of Scheme Administrator and the associated liabilities. To facilitate this service however it will be necessary for our Trustee Company to undertake the day to day management of the scheme and control of the schemes resources in accordance with the Trustees instructions.