A small self administered scheme (SSAS) is an occupational pension scheme that 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.
Each small self administered scheme (SSAS) will have been registered with HM Revenue & Customs (HMRC) for the beneficial tax treatment afforded to a registered pension scheme. In return the SSAS trustees, who together will also be the Scheme Administrator, will have responsibilities and duties to HMRC, members and other registered pension schemes. For this reason, it is essential that each member trustee is able to declare to HMRC that they are 'fit and proper' to undertake this role and is required to complete an HMRC Pension Scheme Administration registration form.
Broadly, 'fit and proper' means that a person must not have been involved in tax fraud; other fraudulent behaviour or tax avoidance schemes; must not have a criminal conviction relating to finance, companies or dishonesty; must not have been disqualified as a company director or pension scheme trustee; and is not bankrupt.
They must also have a working knowledge of the responsibilities, duties and liabilities of a Scheme Administrator or, if not, that they have appointed someone who does. It is for this reason that Denton & Co Trustees Limited will be appointed as the 'professional trustee' of the SSAS.
As an independent SSAS specialist, Dentons Pensions can help to ensure the SSAS is operated in accordance with all relevant requirements and that conflicts of interest are avoided because individuals will have multiple roles as directors of the sponsoring employer and as both trustees and members of the SSAS.
Ensuring good title is held to all SSAS scheme assets and providing guidance where necessary on all trustee issues.
Ensuring no unauthorised payments are released from the scheme or inappropriate assets purchased.
The party responsible for notifying within the deadline, any reportable events including the annual HMRC pension scheme return and accounting for any tax due.
In addition, Dentons can provide the following services/features:
Due diligence on existing schemes highlighting any areas that may require attention.
Pension scheme documentation to address changes in legislation.
A scheme takeover service where required.
A quality, and bespoke administration service tailored to the clients/advisers' requirements.
Named Pension Consultant and Pension Administrator handling all aspects of the scheme's administration.
A pre-investment review service to determine if a proposed investment can be held within a SSAS.
Annual member statements and scheme allocations (fund split between members).
Trustee meetings as required.
Benefit calculation service (which lay Trustees may find very difficult without professional trustee assistance).
Pension Payroll Services.
Competitive transparent fee structure based on the time taken to fulfil the scheme requirements (so that one client does not cross-subsidise another).
Autonomy to clients to select their own professionals (Solicitors/Valuers).
Considerable experience through our Pension Consultants.
Regulated financial advice on the suitability of an investment, however we reserve the right to refuse to hold any proposed investment within the scheme.
Acting as Investment Manager or custodian for the assets held within the scheme.
Promotion of any investment propositions to clients
An accounts preparation service.
Our role is solely to make sure the SSAS remains in a good state of administration.
We can provide our services to an existing SSAS where the member trustees are not happy with the current provider of such services or where there is currently no one providing those services. This would normally be carried out as follows:
takeover of an existing SSAS with two members.
the scheme currently has a Professional Trustee/Scheme Administrator.
a commercial property is held within the scheme.
an investment portfolio is held within the scheme.
fund allocations are up to date.
no borrowing or VAT registration within the scheme.
clients wish to self-manage the commercial property.
Whatever your retirement needs, one of our experts will be happy to discuss how we can help you achieve your goals.