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Ask Rakhi Vasavada Your Own Question
Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Pensions
Satisfied Customers: 4543
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I want to move my pension money into a SSAS and im told that

Customer Question

I want to move my pension money into a SSAS and im told that I can set up my own SSAS without a practitioner. If I get a HMRC number, and start the process - if I run into difficulty can I then appoint a practitioner ie part way through the process - is there somewhere that will provide me with a step by step guide to how to do this ??
Thanks Gill
Submitted: 3 years ago.
Category: Pensions
Expert:  Rakhi Vasavada replied 3 years ago.
Dear Gill,

Hello and welcome. Thank you for using Just Answer.

As you must be definitely aware, A Small Self-Administered Scheme (SSAS) is a type of pension scheme that is set up by an employer usually for a select number of directors. It differs from a Self-Invested Personal Pension (SIPP) in that it is a separate scheme for the employer and our costs are charged per scheme rather than per member.

In order to qualify for the tax relief from the Revenue, an authorised provider must be used.

You will get help from professional sources listed below. It is advised to use professional sources as they will help you locally with all the paper work and liaison work required with HMRC.

http://www.pensionpractitioner.com/setup-a-ssas/


http://www.xafinity.com/Microsites/Self-Invested-Pensions/SSAS/Free-SSAS-Set-Up-Takeover-Service.aspx

You will have to be an authorized provider and you can do it later for yourself.

I am sure this would help.

You may please leave a positive rating if this helps as that is the only way we receive credit for assisting you. Alternatively feel absolutely free to revert with more queries if you have.

Warm Regards...
Customer: replied 3 years ago.


Hi there, my friend has gone through the process herself and set up her SSAS without using a practitioner. My question is very specific. If I start the process and then want to use a practitioner later can I do that


thanks


Wendy


I know you have to use a practitioner for filing tax returns, but it is definitely not necessary to use a practitioner

Expert:  Rakhi Vasavada replied 3 years ago.
Dear Gill,

I understand what you are asking. A typical steps for setting up SSAS would be as under.

There are three stages to setting up a new Small Self-Administered Pension Scheme (SSAS) and having it ready to accept transfers in of existing pension policies, receive new contributions and make investments.

It is advisable to allow at least 10 working days for the set up to be completed once all documentation is provided, although it can be slightly quicker if everyone is available to sign the documentation immediately.

1. Decide on a name for the SSAS. This can be linked to the sponsoring company (The ABC Company Limited Executive Pension Scheme), a family name (The Smith Family SSAS) or anything else (The Canary Pension Trust).

2. Fill out a SSAS Company and Scheme Information Form and a SSAS Member Information Form.

3. Stage 2 is providing information. You will have to prepare Legal documentation to establish and govern the SSAS; prepare Bank mandate to open a trustee bank account; prepare Explanatory information to issue to members, etc.

4. When the above is done, Obtain a Pension Scheme Tax Reference from HM Revenue & Customs; Liaise with the bank to set up the bank account. This will take a few days to be active.

5. Register the SSAS with the Pensions Regulator (if there is to be more than one member).

After this, the SSAS will be ready to accept transfers in, receive new contributions from the sponsoring company or members, and make investments.

Coming to the core of your question, YES, you can use a practitioner later even if you start the process yourself. You can use the practitioner later if you want.

I am sure this would help.

You may please leave a positive rating if this helps as that is the only way we receive credit for assisting you. Alternatively feel absolutely free to revert with more queries if you have.

Warm Regards...