How are scheme funds transferred to the new manager?
The outgoing manager reconciles the trust account on the termination date, then transfers the cleared balance to the new manager's trust account along with a statement showing every transaction. This usually happens within 14 days of termination.
Each scheme's funds sit in the manager's trust account, not their own bank account, and are required to be auditable. Insist on a final trust account statement signed by the outgoing manager, and have the new manager reconcile against it before signing off the handover.
By Reviewed by Last reviewed 2026-05-04
Want to run your scheme on Stratapages? Book a demo.
From category: terminating-a-manager