Should you safeguard your SSAS clients?
Many pension savers invested in Small Self Administered Scheme (SSAS) products could be exposed to potentially costly consequences if they do not have a professional trustee and administrator for their SSAS.
Consider the following questions in relation to your SSAS:
- Are A Day rules in place to protect the scheme from falling under a more restricted and costly legislative regime?
- Do clients meet each year with their SSAS provider to discuss scheme status, plans and changes in legislation?
- If clients do not have an administrator, are they aware of the duties and responsibilities that fall to them and the penalties for non-compliance?
- Many scheme members will be coming up to their five year review of annual income from an unsecured pension. Do they know what to do?
- Are there arrears on rental or loan repayments?
These are just some of the issues we typically encounter when we takeover a SSAS.
Pension administration is not something that can easily be handled on an ad hoc basis. Without a formal administrative structure in place and a professional trustee working on a scheme, it can fall into disrepair and become a major risk to the members.
Our SSAS team has over 30 years' experience in this type of work and we have encountered just about every issue that you are likely to be confronted with when running a SSAS.
Many SSAS members seek our help because we have the ability to take over the management of existing schemes, reorganise and restructure them to ensure they cease to be an administrative burden and start to deliver the benefits you planned.
Call our SSAS takeover service to find out more about safeguarding your SSAS on 0117 929 0941.
If you wish to find out more about the SSAS, please visit the Literature section.
SSAS Administration Services in the UK are not regulated by the FCA. Please refer to the Legal section.