SSAS in the spotlight: Our annual survey of the market

  • Grasp SSAS industry performance figures
  • Be able to point out significant changes within the SSAS industry
  • Comprehend varying provider approaches to changes within the SSAS industry
  • Grasp SSAS industry performance figures
  • Be able to point out significant changes within the SSAS industry
  • Comprehend varying provider approaches to changes within the SSAS industry
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SSAS in the spotlight: Our annual survey of the market

Mr Gallagher adds that the range of trustee responsibilities, which include day-to-day scheme management and making investment decisions, mean that enforcing a professional trustee requirement would be “a better move against pension scams” than the revenue’s ‘fit and proper’ obligation. 

Conversely, Nigel Bennett, sales and marketing director at InvestAcc, proposes that the government could instead introduce “an extension of the current ‘fit and proper’ requirements for scheme administrators”. 

Mr Bennett adds: “Any new regulations need not only deter scammers, but prevent them from operating as soon as they have been identified.”

Facts and figures

The SSAS industry will hope the proposed changes, whatever form they eventually take, will reassure advisers and clients that the schemes remain an important and useful part of the pensions landscape. Money Management’s 2017 survey covers 28 providers, with all figures to 1 December 2016 unless otherwise stated. 

Non-participation from some of the companies featured in previous surveys has seen the number of providers in this year’s SSAS survey reduced by five, which, in many cases, accounts for marginal declines in some aspects of the figures given. 

Table 1 outlines the charges and services offered by different companies. Costs tend to differ from provider to provider, as some offer flat rates, while others factor in initial and annual fees and property and loan-back charges. 

Most providers in this year’s survey charge upwards of £400 for initial fees, with the exception of IPM Trustees, Scottish Widows and Xafinity, all of which state that they do not enforce an initial fee at all. 

Annual fees for the most part did not change significantly compared to last year, suggesting that market conditions remained relatively stable during that period. 

James Hay’s charges and fees, for example, remained the same this year with a £750 initial fee, annual fees starting at £750 for one member, property charges set as £750 + £250 if members take out mortgages, and a £500 set-up fee for loan-backs. 

Similarly, there is little change to fees at fellow big players Barnett Waddingham, Rowanmoor, and Xafinity. Annual charges have ticked higher in all three cases, but by no more than a couple of per cent in each case. Xafinity, for example, said the increase was down to inflation rather than a cost overhaul. 

Slightly more significant is the change in Mattioli Woods’ annual fees, which have risen from £559 to £608 – an increase of 9 per cent.

Slowdown or realignment?

Table 2 outlines the value of funds under management among the schemes, the total number of schemes a company has and a breakdown of the number of SSASs each company set up over a full year between 2012 and 2016.

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