Advisers see influx in SSAS enquiries

Financial Planners are seeing an influx of questions around the new pension scheme returns format required for small self-administered schemes (SSAS), according to a new report. The Association of Member-Directed Pension Schemes (AMPS) said advisers are seeing questions around how SSAS schemes can migrate to the new managing pension schemes service. The new format from HMRC is more complex and requires detailed information that may prove challenging for even the most seasoned administrators, according to AMPS. One area of concern members have raised with AMPS is the reporting of property owned by the SSAS and the potential need for this to be done annually. HMRC has confirmed that once a property is added to the system, it will only need amendments to be submitted annually. Debbie Seaton, chair of AMPS and director of SeaBridge SSAS Limited, said: “The transition to the new PSR format is a significant change for all involved in the administration of SSAS schemes. While it presents challenges, it also offers an opportunity to streamline processes and improve the accuracy of reporting. “The new PSR format will be felt most by those who administer their SSAS without a professional trustee or scheme administrator. It is important that these and in fact all SSAS schemes migrate to the new managing pension schemes service in good time.” HMRC has also provided guidance on how to migrate to the new PSR format, including the additional information that is required for the 2024/25 submissions. Advisers can find the guidance on the government website Gov.uk.

Advisers see influx in SSAS enquiries

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