PensionsJul 27 2015

Talbot and Muir launch free Ssas review for advisers clients

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Talbot and Muir launch free Ssas review for advisers clients

Talbot and Muir has launched a free review service for advisers with small self-administered scheme clients to help ensure they are meeting the “increasingly onerous” regulatory and legislative frameworks.

The firm said today (27 July) that Ssas, although not regulated by the Financial Conduct Authority, still have obligations to fulfil to HM Revenue and Customs and The Pensions Regulator, which if not completed could lead to large fines and possible de-registration of the scheme.

It added that scheme administrators need to meet the HMRC ‘fit and proper’ person’s test, which includes knowledge of the ever-changing pensions legislation.

An initial consultation will be conducted remotely, but if required, a face-to-face consultation may be available.

Claire Trott, head of pensions technical at Talbot and Muir, said that many providers have shied away from Ssas and focused just on their self invested personal pension proposition, but that there is a place for a well run Ssas in the industry.

“Increasingly we are being approached by advisers to ensure the Ssas schemes they have are well run by the administrators and meet the regulatory requirements; that is why we decided to launch a free review service for advisers.”

Ms Trott added that the firm had seen record growth in its Ssas products, with scheme numbers increasing by nearly 50 per cent over the last year and overall assets under administration up by 20 per cent.

She noted that this has mainly been driven by takeovers of existing schemes where the administrator was not up to the adviser’s standards.

“The obligations on scheme administrators are constantly evolving and by using a professional scheme administrator clients and advisers will have peace of mind that the scheme is being administered efficiently and compliantly.”

ruth.gillbe@ft.com