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Description

Riverside Trust is a Private Pension Scheme or Group SIPP (Self Invested Personal Pension) set up by and managed for Barristers and Clerks ( “the Investors ”). The Trust was created in July 2004 for the purpose of buying property at 15 New Bridge Street, London, in order to fulfil two objectives (i) provide an appropriate level of accommodation for Barristers in practice together and (ii) provide a substantial asset at the centre of a pension scheme for Investors. The property was purchased and refurbished with the intention of leasing it to the Investors' principal business namely 15 New Bridge Street Chambers (15 NBS). They took up residence in October 2004. Part of the rent collected from 15 NBS is used by the Trust to pay the mortgage with which it purchased the property. This simple arrangement results in financial stability for the Trust and security of tenure for the Chambers. The Trust and Chambers remain discrete legal entities with separate aims, financial & management structures and rules of conduct. The Trustees are Alliance Trust Pensions Ltd. (the Professional Trustee & Pension Company) and Riverside (Sipp) Ltd of which Jon Whitfield and Deanna Heer are directors. The professional trustee holds and manages the assets of the individual investors and oversees the group SIPP. The day to day management of the premises is carried out by the Directors of Riverside (Sipp) Ltd in association with the principle tenant (15 NBS). Although the Directors are members of 15 NBS their over-riding duty is to the building as a Trust asset. They ensure that it is properly used, maintained, insured, rented-out, etc. The Trust and Trustees are governed by the Trust Deed and the Supplemental Deed. These documents signed by all the Investors give the Trustees a considerable amount of discretion to act in the best interests of the Trust, the Investors and the principal tenant. Important managerial or financial decisions involving the Trust and the property are made by the Trustees acting together, decisions involving an individual ’s SIPP are private to and made by an individual with Alliance Trust. Processes such as the appointment, tenure and removal of Trustees and the buying and selling of shares are all dealt with in the Trust Deed. To purchase shares and be an Investor in the property, an individual must be a member of or a senior employee at 15 NBS. Changes in membership or employees of 15 NBS may give rise to the opportunity to purchase or to sell shares and priority will be given to those with the least number. There is of course always the possibility of sale/purchase through private tender provided the intended purchaser is a member of 15 NBS. The Trustees may in their discretion authorize the retention of shares by someone departing 15 NBS but, the number of shares permitted to be out-with the chambers is limited. This arrangement provides flexibility in careers and locations and, allows Investors to leave or retire without necessarily facing the prospect of a forced sale.

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