The firm says these SSASs risk failing to meet the administrative requirements of HMRC and The Pensions Regulator and are “in danger of incurring large fines and the possible de-registration of the scheme,” and “most importantly, clients are receiving poor value for money.”
SSAS arrangements continue to be popular with advisers and their clients despite the continued growth in the SIPP market as they offer more flexibility for a small business.
This is especially true for succession planning where a business property is involved, as there is no need to earmark individual assets to each member, provided the overall benefit levels are clearly recorded.
Talbot and Muir says its free SSAS review service for advisers and their clients had resulted in it successfully taking over the administration and trustee mandates on numerous schemes.
David Bonneywell, director, Talbot and Muir, said: “We have seen record growth in our SSAS division which has largely been driven by takeovers of existing schemes where we have been approached by advisers due to dissatisfaction with the existing administrator.
“They and their clients want the peace of mind that the scheme is being administered efficiently and compliantly at a fair price.”