Rowanmoor Group plc, the UK's largest independent SSAS provider and a bespoke SIPP and Family Pension Trust (Family SIPP) operator, is urging advisers to review their SSAS books of business following HMRC's increased controls, since April 2015, on the new fit and proper test.
With increasing liberation fraud it is vital that schemes are reviewed to check that they are properly supported and receiving the attention they need to remain compliant.
HMRC now places additional reporting requirements on a SSAS scheme administrator such as making timely returns of information to HMRC, providing information to members to enable them to meet their own tax obligations and paying any tax charges due to be paid by the scheme administrator under part 4 of the Finance Act 2004.
Commenting, Robert Graves, Head of Pensions Technical Services says:
"When the pensioneer trustee role was removed in 2006, many clients opted to go it alone in terms of managing their SSAS and often without a professional involved. From conversations we are having with our adviser contacts who may have inherited old SSAS books, we know there is a preference for them to pass this responsibility on to a professional administrator that has a working knowledge of the duties and liabilities involved, albeit on a practitioner only basis. Given the highly complex tax rules and legislation surrounding SSASs, this role should be undertaken by an experienced company with knowledge of HMRC’s many requirements”.
In light of the new retirement benefits regime, SSAS member trustees may also need to be made aware of the assistance available to them through specialist actuarial guidance, one of many niche functions provided by an experienced provider.
Graves continues: “A SSAS without professional support is like a ship without a rudder. Rowanmoor Group plc has been providing these services for many years, supporting employers and members to efficiently govern their schemes. We would strongly recommend a review of old SSAS books, to ensure they get the support they need.”