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How to set up a SSAS pension
The easiest way to set up a Small Self-Administered Scheme (SSAS) is to have expert support. TLPI offer a lifetime SSAS service, including setup, pension transfers and ongoing investment support. Every Small Self Administered Scheme (SSAS) needs to be registered with HMRC, however, the process can take some time. It is best to start this as early as possible, especially if you are approaching the end of the financial year.
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Getting Started with a SSAS
- Decide who will be a part of the scheme.
- You can have up to 11 members. All members must be 18 or older.
- You can invite directors of the company, other employees, family members, and employees' family members.
7 steps to establish your SSAS
Step 1: Information about Your Company and the Members of the SSAS
To set up a SSAS, you will need to gather information about your company and each member of the SSAS. Each member will need to provide you with their personal details (contact information, etc.) and a signature. You will also need to decide on a name for your scheme.
In addition to collecting basic details, you will need to know if any members of the pension hold a certificate of protection or a HMRC protection reference number, as well as check if the Money Purchase Annual Allowance applies to any members of your scheme.
Book an enquiry with one of our pension advisers for a full list of the documentation you will need to open a SSAS.
Step 2: Anti-Money Laundering
Complying with anti-money laundering legislation is a legal requirement. It is important that each member of the SSAS has their identity verified.
Step 3: Transfer Existing Pensions
Every member of the SSAS must decide whether they would like to transfer any existing pensions to the new scheme. This is optional and each member may transfer as many or as few pensions as they like. We recommend that each member of a new SSAS talks to an independent financial advisor before making a decision.
Step 4: Trust Documentation
A SSAS is a trust, which means that it is run by designated trustees. All members of the SSAS are trustees, although a member can opt out in very specific circumstances. The SSAS needs at least 1 trustee to continue.
The pension must also include a pension administrator. The SSAS scheme administrator can be a member or trustee or an appointed professional. Being a trustee comes with legal responsibilities, so all trustees should know their obligations and the potential consequences of failing to meet those obligations.
We also recommend that any SSAS service you employ includes legal compliance of the package. This can help protect the scheme from breaching HMRC rules and The Pension Regulator’s regulations.
Step 5: Registering with HMRC
The trust needs to be registered with HMRC before any contributions are received. The trust will also need to open a bank account to receive contributions.
Step 6: Obtain a Pension Scheme Tax Reference Number
A Pension Scheme Tax Reference (PSTR) number is a unique code made up of eight numbers, followed by two letters (XXXX XXXX OO). Every new SSAS will need a PSTR from HMRC, as it shows that the scheme has been registered for tax relief and exemptions.
Step 7: Register the SSAS with the Pensions Regulator
The Pensions Regulator is the UK Regulator for work-based pensions, which includes SSAS. It is important to register your SSAS with the Pensions Regulator. The Pensions Regulator is sponsored by the Department of Work and Pensions (DWP).
Straightforward SSAS Establishment
TLPI has a simple process to make establishing a SSAS pension very straightforward. Once the above steps are complete, your SSAS can begin to receive contributions. If you have any questions about any of the steps listed here and would like to speak to a pensions advisor, please call 01235 426666 or book a no obligation consultation online.
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