Fees and Responsibilities
Read about the roles and responsibilities in the pension marketplace
Administrator vs Practitioner
When it comes to the role of administrator, some pension providers provide a partial administration service, which is called a practitioner service
The difference between a practitioner and an administrator is the level of responsibility to HMRC; a practitioner has little or no responsibility, where an administrator has full responsibility, including penalties, should any become due
SSASCo always operates as an administrator for all of our clients
Trustee vs Professional Trustee
Although it is no longer a legal requirement, there are plenty of practical reasons for having a professional trustee.
Pension legislation is complex and dynamic, and HMRC could issue serious penalties for unauthorised actions; having a professional trustee ensures your pension transactions fall within the latest guidelines.
At SSASCo we provide full administration services and our fees include the services of a professional trustee.
We believe so strongly in the need for a professional trustee, that we will not administer a pension without one.
Our fees cover the day to day running of your pension, including normal compliance functions, and we have a separate menu for one off and discreet events.
We always want to charge fairly for our services; our monthly fee per member decreases as the number of members increases, to reflect the reduction in the amount of work.
Another aspect to consider is that pension administration fees are an allowable expense, which means they are tax deductible; therefore, you will actually be saving those fees if you transfer from a normal defined contribution pension.
SSAS Set Up
Our set up includes a comprehensive initial consultation and advice on the structure of your SSAS, all HMRC and Pension Regulator applications and correspondence, bank account set up, trust deeds, deeds of appointment for members, remote sign up meeting, production of client reference pack and Information Commissioner registration.
Fee payable at time of application: £1200 + VAT
Taking over from another SIPP or SSAS provider
We are happy to take over existing pensions from other providers and the initial set-up cost will be waived; however, the monthly fee will then apply from takeover.
Ongoing compliance and trusteeship fees
The SSASCo monthly fees include the annual HMRC pension scheme return, pension regulator return, monthly monitoring, unlimited technical helpline, and professional trustee service.
Fees from May 2016
Commencing from HMRC registration
Payable by monthly direct debit
Any additional members
£60 + VAT
£25 + VAT per member