Provider urges advisers to review their SSAS books

A SSAS provider has urged advisers to review their SSAS books of business following HMRC's increased controls on the new fit and proper test. Rowanmoor Group said 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.Robert Graves, head of pensions technical services at Rowanmoor, said it was important to bear in mind that since April 2015 HMRC places additional reporting requirements on a SSAS scheme administrator.He highlighted these included 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.{desktop}{/desktop}{mobile}{/mobile}Mr Graves said: "When the pensioner 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”.He said 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.He said: “We would strongly recommend a review of old SSAS books, to ensure they get the support they need.”

Provider urges advisers to review their SSAS books

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