SSAS - Structure
As a trust based scheme the SSAS will need trustees, or a corporate body acting as trustee, plus an Administrator, and an Actuary. The structure can vary to suit the individual needs of the company/directors who wished to have the SSAS set up. Alternatively it can be an off the peg arrangement
The scheme administrator carries out the day to day running of the SSAS and the actuary is required to complete actuarial valuations at least once every three years.
- I have been told that a pensioneer trustee is required for a SSAS. Is this correct?
It used to be the case prior to 6 April 2006. Since that date any SSAS is not required to have a pensioneer trustee.
- What forms can a SSAS take?
They can vary between a relatively simple arrangement usually effected through an insurance company. This type of SSAS is commonly set up when there is no immediate requirement to buy a property and the contributions each year are relatively modest – say, about £20,000 per annum.
A more complex arrangement can be set up to suit specific needs, usually through a firm of pension consultants. In this type of situation it is more likely that a property will form an asset of the SSAS immediately and that contributions to the SSAS will run at a high level. It may be cost effective for a larger scheme to be set up in this bespoke since the charging structure of the pension consultant can be on the basis of a fixed annual fee plus fees charged for additional ad hoc work and nil commission taken for any investments made.
Variations exist between these two extremes such as hybrid SSASs, nominal SSASs, etc.
In all cases the same rules and regulations apply.
Q & As
