How to set up a SSAS pension

The easiest way to set up a SSAS pension is to have expert support. TLPI offer a lifetime SSAS service, including setup, pension transfers and ongoing investment support.

How to set up a Small Self-Administered Scheme pension (SSAS). Invest in property, save tax and grow your business.

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’re approaching the end of the financial year.

Getting started with a SSAS

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When understanding how to set up a SSAS pension, the first step to setting up a SSAS is deciding who will be part of the scheme.  A SSAS is usually intended for a small number of directors or senior staff at a company, but any employees of the company can be invited to join the scheme.

You may also invite your family members and your employees’ family members to join the scheme which is why it is sometimes referred to as the SSAS family pension. Everyone in the SSAS must be aged 18 or over and, in most cases, there are no more than 11 or 12 people in the scheme at any given time.

Step 1: Information about Your Company and the Members of the SSAS

To set up a SSAS, you’ll 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’ll also need to decide on a name for your scheme.
In addition to collecting basic details, you’ll 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 advisors for a full list of the documentation you’ll need to open a SSAS.

Step 2: Anti-Money Laundering

Complying with anti-money laundering legislation is a legal requirement. It’s 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’d 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 can be a trustee (this is common, but not a requirement). The pension must include a pension administrator. The SSAS pension scheme administrator can be a member trustee or a appointed professional.
We also recommend appointing a professional trustee — someone who is experienced in running a SSAS. The professional trustee is responsible for the day-to-day management of the scheme and is paid for this service. However, it’s not a legal requirement to appoint a professional trustee.
Being a trustee comes with legal responsibilities, so all trustees should know their obligations and the potential consequences of failing to meet those obligations.

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).
TLPIhas 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 FREE pension consultation online.

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What our clients say

We have recently used this excellent company to set up a Family Investment Company. The complete process was seamless with our personal contact Jordan Sharpe explaining all the steps along the way in a very confident and professional way. They really do deserve this 5 star review.
Keith Jones
Keith Jones
Tlp have been fantastic with there advice and help in setting up my retirement plans , putting structures into place to help with future generational hand over of assets, great advice from Jordan Sharpe, easy to deal with and always on hand for help when needed, well done all, 👏 ✔️
Stewart Yardley
Stewart Yardley
Trustworthy Financial Advice with an Eye on the Future. I recently sought financial advice, and trust was my top priority. TLP not only met my expectations but exceeded them. Although their product didn't suit my current needs, their dedication to providing comprehensive information and support left me confident in utilising their services in the future. TLP's commitment to customer satisfaction was evident from the moment I approached them. They patiently and thoroughly discussed all available options with me, ensuring I understood the pros and cons of each. Despite not making an immediate sale, they generously shared their time and expertise, demonstrating a genuine interest in helping me make the right decisions. What impressed me the most about TLP was their transparent and honest approach. They didn't try to push any product on me that wouldn't serve my current financial situation. Instead, they focused on empowering me with the knowledge I needed to make informed choices. Their willingness to prioritise my needs over immediate profits spoke volumes about their integrity. I left my interaction with TLP feeling informed, confident, and assured that when the time is right, they will be my go-to financial advisory service. The trust they have established with me through their professionalism, dedication, and genuine care for my financial well-being is unparalleled. I have no hesitation in recommending TLP to anyone seeking trustworthy financial advice.
Robert Sidebottom
Robert Sidebottom
I was looking at setting up a Family Investment Company, during which I’d paid more than a few hundred pounds for a couple of Consultations. After which I’d received some rather expensive quotes for setting it up, as well as getting lots of complexed information about the process. Then I eventually stumbled across TLP while doing some related research. I was pleasantly surprised and more than pleased that they offered a No cost consultation. During which Lewis Jones, was able to simplify all the information and subsequently provide a much more realistic quote for the process. Not to mention the first year’s company accounting services that came for free and the ongoing advice from Lewis. Which has not only been financially beneficial, but as proved to be a great source of knowledge and education, responding to all my questions promptly. With my background not being in the financial and investment sector, his clear explanations put in a context that I was able to understand, has been invaluable.
Geoff Saunders
Geoff Saunders
Great support all the way through the process very professional good knowledge and friendly service. I would highly recommend
Andew Clymo
Andew Clymo
From the start of the transfer to the end TLP have been always available to me, they have kept me informed throughout the process and offered help and guidance when required. Excellent service that is highly recommended
Andy Page
Andy Page
Now fully set up with a Landlords pension and very pleased with the overall service. Only delays were with AVIVA not playing ball but now all done and set to earn significantly more than with AVIVA. Jordan Sharpe was knowledgeable and guided me through the whole process with a professional and friendly approach. Morwena (assistant) was again very friendly and together made the process a simple one. Looking forward to a better retirement (eventually) thanks to TLP.

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