Phone: 01789 614 266. Mobile: 07786396722

DB TRANSFERS

ADMIN PATHWAY FOR ROB!

If a client is looking to transfer their DB Scheme Benefits into a SSAS – there are a set of steps that must be taken in order for us to move things forward. Please read the following notes carefully and make sure that where ‘original’ documents are requested by post, that they are sent alongside your good quality scanned PDF email versions.

1

The first step with all our clients is to make sure they know what is expected of them, as this is a very unusual scenario! 

In order for the DB Transfer to happen, they will need:

a) Their own LTD Company to act as the Sponsoring Employer.

b) This company will need to ‘adhere’ to our DB Scheme Rules.

c) We will need to deliver a complete ‘request pack’ to the Ceding Scheme. That pack will contain details
      of our DB Scheme with clarification that we are entitled to a CETV, The Client’s LOA and The
      Sponsoring Employer’s Adherence Deed.

d) We will require the Sponsoring Employer to be in the process of setting up its OWN SSAS, which comes
      with its own set of Fees as per the Fee Schedule they have access to online.

2

So the first step will be for their company (the Sponsoring Employer) to have a Board Meeting and create a formal ‘Minute’ which is signed by ALL the Directors. The ‘Minute’ should record the date of the meeting, who was present and where the meeting was held (it can be ZOOM!) – The ‘AGREEMENT MADE” section of this Minute will need to contain something like this…”the Directors have discussed retirement planning and have jointly agreed to establish a Small Self Administered Scheme (SSAS) called the “XYZ SSAS”. The XYZ SSAS establishment will be carried out by Segmented Solutions Limited. The Board have also agreed to sign and adhere to the Scheme Rules for the Segmented DB Scheme”.

The Board Minute will also confirm that the Directors are happy to be bound by the Segmented Solutions Fee Schedule for the formation of the SSAS, and the timing of the payments. (THIS FEE SCHEDULE DOES NOT COVER THE DB TRANSFER COSTS – which need not be mentioned in the Board Minute!)

In order to complete this step, the Directors will need to have downloaded and read the following documents:

Segmented Scheme Deed of Adherence

Segmented Solutions Fee Schedule

3

They will now have 2 activities running alongside each other. The formation of their NEW SSAS and the request for the Transfer from the ceding scheme. Please note that we cannot move forwards with a Transfer Request without BOTH sets of documents being completed and sent to us. We will only take their SSAS application forwards to completion if the ceding scheme transfer is accepted. But we will need to assume that it will be done as the NEW SSAS is required.

We have a ‘standard’ SSAS formation process – which contains 10 Steps – which is available from our web site – all they have to do is fill in the form saying they are interested in a SSAS, and they will be directed to the page which outlines these steps. For your information – the page link is:

Standard SSAS Application process link.

The only difference for them will be the ‘Board Minute’ part which needs to mention the DEED OF ADHERENCE as above. This page will explain to you what is needed in terms of ID etc… so really worthwhile you getting to grips with the contents of that page, so you can explain things to the client. The LOA on the ‘normal’ site does not deal with these ‘special’ transfers, so it is important that clients use the ‘special’ LOA which is here:

DB LOA

4

As we are dealing with a ‘special’ Transfer, we will need them to have completed the DB LOA and sent ALL the documents (originals) to us. We’d therefore expect to receive:

1) Sponsoring Employer Deed of Adherence.
2) Signed DB LOA.
3) Board Minute with the mention of the Deed of Adherence in it (See above).
4) Sponsoring Employer & Member Applications for their own SSAS.
5) Certified ID as per the instructions document.

5

We will then process their SSAS as ‘normal’ – and contact the Ceding Scheme to request the CETV.