Small Self Administered Scheme  

Ssas switches soar as advisers seek value for money

Sonia Day, managing director of Ssas provider Day Cooper Day, which charges a fixed fee, has also seen an uptick in Ssas takeovers in recent months.

Ms Day commented: “In the current climate, businesses are reviewing costs and value for money. They are facing challenging times and need swift responses in determining whether their pensions can be utilised to help.”

Advisers claimed they were more likely to recommend a provider for a takeover if they are also able to provide professional trustee services. 

Mr Gibbs of Prydis said having a trustee in place “allows clients to do transactions easily and cost effectively”, adding that value for money gets called into question when providers cannot deliver on these promises.

Ms Day noted most providers now offer a variety of services, from administration to trusteeships.

She added: “Advisers tend to recommend providers who can also offer trusteeship as a way to protect their clients as then the provider holds the highest level of responsibility if something were to go wrong.”

Stephen McPhillips, technical sales director at Dentons Pension Management, agreed, saying: “For some advisers and clients, the driver for change has not been cost itself, but rather the service credentials of the incoming professional trustee.” 

He added: “Those service credentials cover a number of aspects – such as a named and dedicated individual who looks after every aspect of a scheme’s administration, through to a national team of business development professionals on hand to assist with the takeover process – including joint client meetings wherever required.”

amy.austin@ft.com

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