Previously, SSAS schemes required a professional trustee but this requirement was removed in April 2006. Where no replacement scheme administrator was appointed the responsibility fell to member trustees.
In a newsletter for members of the Institute of Financial Planning, Hornbuckle Mitchell suggested scheme members may be unaware that they are responsible for their SSAS.
Hornbuckle Mitchell's SSAS review scheme can help by checking if investments have been registered correctly, if scheme transactions have been reported correctly and if a scheme is operating within HMRC requirements.

It also provides an opportunity for Financial Planners to open a discussion with clients about their pensions plans and gives guidance on how to ensure a SSAS is compliant.
A SSAS review service can also help identify opportunities to purchase commercial property, explore investment options, take retirement income and make loans back to the sponsoring employee.
The service costs £995 plus VAT and the trustee consultant will produce a report summarising key findings.
These include the split of assets, any income drawdown limits, any authorised payments made to connected parties and outstanding issues.
It will also identify areas of concern and guidance on how to implement any remedial action.
For more information contact Hornbuckle Mitchell's trustee consultants on 01162 146108 or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.