HMRC requires that all parties appointed as the Scheme Administrator for the purposes of the pension tax legislation are able to declare themselves as a 'fit and proper' person.
We provide a range of literature for establishing a new SSAS or taking over an existing SSAS.
Small Self-Administered Schemes (SSASs) can offer an extremely flexible and tax efficient means of building pension provision for directors and employees of limited companies.
They also allow the scheme members in their capacity as trustees to control the scheme’s investments. A SSAS is a Registered Pension Scheme with HM Revenue and Customs (HMRC) and as such, there are responsibilities and obligations on the scheme trustees and/or the Scheme Administrator. These duties include providing information to HMRC, scheme members and other pension schemes.
Since 2006, the need for a professional trustee to fulfil these functions has not been an HMRC requirement and member trustees may manage their own administration. However, in practice, the knowledge needed to fulfil this role is great and the potential tax penalties and fines for omissions or errors can be high. Each member is required to declare their ability to satisfy these requirements through completion of an HMRC Pension Scheme Administration registration form.
Individuals operating without professional assistance may struggle to meet their duties and conflicts may arise where they are acting in the capacity of company director/member/trustee. An independent specialist, such as Dentons, is often the way to avoid these problems.
SSAS practitioners may offer a variety of services but we believe that the only way the client can be fully reassured that the scheme is operating correctly is if a proactive role is provided.
Whatever your retirement needs, one of our experts will be happy to discuss how we can help you achieve your goals.