How Safe is Your SSAS
How Safe is Your SSAS?
Despite its unique flexibility, a SSAS is an extremely secure method of accumulating retirement savings and a number of measures are put in place to enforce this:
There are three regulators:
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HM Revenue & Customs who regulate the establishment of the scheme, the amounts that can be paid in and out of the scheme and the investments it can make.
They also set the tax rules governing the SSAS HM Revenue & Customs - The Pensions Regulator who oversee the operation of the scheme, the treatment of the members, the governance and oversight of our firm The Pension Regulator
- The Information Commissioner who regulate the control of personal data https://ico.org.uk
We are of course also subject to anti-money laundering and proceeds of crime regulations
https://www.gov.uk/guidance/money-laundering-regulations-introduction
All SSAS assets are held under separate trusts which mean they do not form part of our company assets, your company assets or your personal assets.
The fund is therefore protected from a failure of our company or your company and from your creditors if you are declared bankrupt. The Trustee in Bankruptcy may make a claim against the SSAS if they feel you have used it to protect assets from them.
Our Trustee Company, Whitehall Trustees Ltd, is the professional trustee of each SSAS and co-owns the assets. However, Whitehall Trustees Ltd does not trade and has no liabilities. If our company fails all SSAS assets are therefore protected.
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No investment is guaranteed and the value of your investments may rise or fall with investment markets and you may not get back what you put in. However there are a number of measures we take to ensure security of investments:
- You are a Trustee of your own SSAS together with Whitehall Trustees Limited. This gives you control over decisions regarding your SSAS.
- We carry out due diligence checks on investments you request to satisfy ourselves that these will not be treated as taxable investments by HM Revenue & Customs.
- We also carry out checks to try and identify pension scams and frauds and make every effort to ensure you do not fall victim of foul play.
- We do not have a cavalier approach to the investments you make with your SSAS and strive to ensure what you do stays within regulations and does not incur fines or penalties in future.
- Our Professional Trustee company exists purely to hold pension scheme assets. It does not trade and has no liabilities.
- Investments held by your SSAS in cash and FCA regulated investments are protected by the Financial Services Compensation Scheme https://www.fscs.org.uk
- All payments made via the trustee bank accounts and all company signing of cheques and documents is carried out in accordance with a clear segregation of duties and disbursement policy. The trustee bank accounts we operate are subject to daily reconciliation.8.
- We have a business continuity plan involving daily data backup and cloud technology to allow remote access to all areas of the company’s operation.
- Property investments must always be adequately insured.
- Loans are not protected unless secured by a legal charge.
You have access to the Pensions Ombudsman and Pensions Advisory Service to help resolve any disputes or complaints you may have. They have the power to award compensation where appropriate.
The fund is therefore protected from a failure of our company or your company and from your creditors if you are declared bankrupt. The Trustee in Bankruptcy may make a claim against the SSAS if they feel you have used it to protect assets from them.
