Are you Concerned That Your SSAS is not Being run Properly? Contact us for a SSAS Health Check.
We at PML have been dealing with SSAS’s for more years than we would like to remember, so we’ve seen pretty much all there is to see about the problems they can run into. This article looks at some of the problems that SSASs run into. We can offer an informal health check for your SSAS if your scheme is experiencing some or all of the problems listed below.
Why does a SSAS run into Difficulties?
SASSs are primarily for the small family business, and many do not have independent professional Trustees. Under these circumstances, where the Trustees and members of the scheme are also directors of the business, the scheme can run into trouble. This is because of the huge amount of time it can take to administer a SSAS properly – time that is not readily available. In addition, the scheme can sometimes be treated by the Trustees as a bank account prop-up for the business if there is no independent Trustee involved.
We can help if your SSAS has administrative Problems
If you are running into administrative problems with your SSAS or just feel that it is not being run properly or there is a dispute between members, we can independently report on the SSAS for a small fee.
Here are a few of the common problems we encounter in Small Self-Administered Schemes if they are not run correctly.
- No annual reports or event reporting to HMRC.
- Unauthorised lending to the principal employer without security.
- Members taking pension out of the fund using drawdown, but the fund has no payroll.
- Investments in “Get Rich Quick schemes” which end up being worth nothing.
- Non-payment of rent on properties owned by the pension fund.
- Clear accounting and accounts being produced every year, setting down a split of the fund between members.
We have the experience and ability to turn a scheme round with our own blend of prescription medicine.
We would of course like to take on such schemes and put them in order using our Trustee, Administration and Financial Services expertise.
We are happy to have an initial informal discussion with you. If you are unhappy with your SSAS for any reason, please contact us or call us on 0121 693 0690.