There is a way to set a pivot point on any mesh, character or otherwise. The easiest way to do this is to actually drop the mesh in the level, click the mesh and open the transform tool with W, if it isn’t already open. Then, hold down left alt and the middle mouse button while moving the transform tool - you will see that the tool itself moves independently of the mesh.
Move the tool to the spot on the mesh you would like to set as your pivot point, then right click the mesh, go to Pivot and choose Set as Pivot Offset.
There are some other options in this menu for setting the Pivot Offset manually; you can just right click the mesh anywhere and set a Pivot Offset, but using the transform tool ensures that you are setting it exactly on an existing axis.
This would be the case for meshes, but I’m specifically talking about the ACharacter class which uses the Capsule Component as the root - I’m wanting to apply a pivot offset to the capsule component, so the actor will turn from the pivot.