Phone: 01789 614 266. Mobile: 07786396722

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Thank you for your enquiry.

If you are looking to establish a SSAS – Here are the 10 Steps.
and all the documents you’ll need.

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Don’t forget to download and read our FREE Guide to SSAS and Tax Planning

1

The first step with all our clients is to have a telephone consultation so we can find out more about your specific scenario and make sure you are getting the right advice. This step is the most important.

Before you call us – the following FREE Guide to SSAS and Tax Planning might spark some thoughts:

FREE Guide to SSAS and Tax Planning

Call our Technical Director Paul Stewart on 0778 396722 to get the wheels in motion.

If you want to book a call back – then simply click here and select a time that works for you!

2

The next step will be for 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”. Board Minute will also confirm that the Directors are happy to be bound by the Segmented Solutions Fee Schedule, and the timing of the payments.

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

Segmented Solutions Fee Schedule

3

In order for the SSAS to be submitted to HMRC for Approval, we will need to complete details of the ‘Sponsoring Employer’ and the ‘Members/Trustees’ of the Scheme, so the next 2 forms that needs to be completed will be the ‘Sponsoring Employer & Member Application Forms’ – with the individual Personal ID verified for each Member. We have a guide to ID Verification – and ask that all Members have downloaded and read this. (to get the Verification right first time!)

In order to complete this step, each Member of the SSAS will need to have downloaded and completed/read the following documents:

Segmented Solutions Sponsoring Employer Application Form
Segmented Solutions Member Application Form
Segmented Solutions ID Verification

4

Once we receive the Board Minute, the Sponsoring Employer Application, All Member’s Applications and Verified ID we will create your Establishing Deed and send that to you for signing and witnessing.

5

Once we receive your fully signed and Witnessed ‘SSAS Establishing Deed’ we will log into the HMRC Pensions Administration system and use our Scheme Administrator ID to establish your NEW SSAS. It is at this point that we will also send out our Establishment Fee Invoice for payment. This will be for a sum of £1,200 + VAT and will be payable by the Sponsoring Employer – as per our Fee Schedule.

6

HMRC will process this new SSAS Application and ask us questions where appropriate. If required we will deal with all questions and pass your answers onto HMRC. This is a normal part of the process as HMRC have seen a number of SSAS Applications being posted purely in order to facilitate pensions liberation or to sell dubious investments. This is the step where we all have to simply wait and be patient!

7

Once your SSAS has been issued with its PSTR Number by HMRC, we will forward the formal notification to you. At this point your SSAS has been ‘established’ – Congratulations!

The next step will be for the SSAS to open a Bank Account – so that funds can be added to the Scheme (either by way of Sponsoring Employer Contribution, or Transfer in from a SIPP or previous Employment).

 

Because of the issues with SSAS’s being misused in the past, it is not only HMRC who have added layers to their establishment questions, the Banks have also been dragged into the whole ‘pensions liberation’ problem. Many Banks will therefore not open accounts for your new SSAS as they have ‘withdrawn’ from that sector of the market.

However, we do have a Bank Account for our own ‘Segmented SSAS’ – and are happy to point you in the direction of the Manager who opens all the SSAS accounts. You are under no obligation to use them, but it will certainly be easier – especially as at this point your SSAS will have Paul Stewart as the Scheme Administrator, using his HMRC Administrator ID. 

8

Once you have a SSAS Bank Account open, your SSAS will be ready to receive funds and start investing. It is at this point that you will want to take over full Administration control of your own SSAS – so the next step is to remove Paul Stewart as the ‘Scheme Administrator’ and appoint one of the Members as the Scheme Administrator. This will require them to use a new Government Gateway and answer various questions online. HMRC will then process this and send them a formal ‘Pension Scheme Administrator ID’. At the same time, the SSAS will need to Appoint Segmented Solutions as the ‘Scheme Practitioner’ – which is a technical support role to give guidance to the ‘NEW’ Scheme Administrator who will need to make sure that none of the HMRC or Pension Schemes Rules are broken. Making mistakes can result in HMRC applying an ‘Unauthorised Payment’ charge which can be as high as 55% of the money that has moved incorrectly. Even more reason to make sure that everything is always done properly.

In order to complete this step, the Sponsoring Employer will need to select who will be the ‘Administrator’ and then have them download and complete/read the following document:

Segmented Solutions Scheme Practitioner Appointment Form

9

When you have received your Scheme Administrator ID – You should send that to us so we can log into the HMRC System and make the changes as follows:

 

  1. Swap the Scheme Administrator from Paul Stewart to whoever is named on the HMRC Scheme Administrator ID Confirmation.
  2. Appoint Segmented Solutions Limited as Scheme Practitioners.

10

If you have any incoming Transfers – you will need to complete some initial paperwork so we can get wheels in motion for you. Where IFA advice is required, we will arrange the introduction and the IFA will require you to complete their ‘Letter of Authority’ too:

Segmented Solutions Incoming Transfer Member Consent Form
Segmented Solutions Authority to Deal with Ceding Scheme