SSAS Applications: Getting it Right First Time

Setting up anything new, from a new SSAS, to even just a bank account, can require a multitude of paperwork and hoops to jump through.

Our intention here at TPSG is (and always will be) to make this part of the journey as smooth and efficient as possible.

We do this by only ever asking for information we genuinely need. Completing forms is never particularly exciting (we know!) but the information you provide is essential. Giving care and attention to answering necessary questions accurately the first time will help us avoid any delays in opening your new pension scheme and with registering it with HMRC, allowing you to reap the benefits of your new SSAS.

The impact of COVID-19 on registering new schemes

This year, with the ongoing effects of the pandemic, HMRC have faced long delays with registering new schemes; with many taking over 6 months to now be registered. Whilst this is something we cannot control, the sooner we gather all information needed, the sooner we can get the ball rolling.

Top things that often get missed from applications

From previous experience, we have faced a back and forth process with clients and advisers on issues such as missing information on application forms, incorrect wording on AML documents, and generally inaccurate or missing information being provided, from things like the principal employer information; including the VAT, PAYE and HMRC references and member tax payer references. We don’t want to waste any time in getting your scheme established, so let’s work together to get things right first time…

New Business Video Calls

Since the world locked down earlier this year, we began to look into how video technology could enhance the service we already provide and give you the opportunity to meet, online, the experts that deal with your pension on a day to day basis.

What’s more, we’ll use this opportunity to answer any questions you may have about our forms, the pension scheme itself, or even just about ourselves and our experience in the industry.

If you are already in the middle of establishing a new scheme with us, we’ll reach out to you and find a time that’s suitable to set up a video call.  Alternatively, you can request a video call on the TPSG website

Request a call back: tpsg.co.uk/request-a-call-back.

Annual Meetings

The buck doesn’t stop at getting your scheme set up. You will always have the opportunity to have a video call with our experts that deal with your schemes on a day to day basis.

Whether you need to speak with Bernadette or Eleanor, our property experts, or Ross, our Unit Trust Expert or even myself and Alanta for all things SSAS, we’re available to answer any questions you may have. We can liaise with you beforehand to determine what we both want to achieve from the meeting and ensure everything can be covered.

We can also look at what has happened within your scheme over the last 12 months including any growth or losses, any issues we may have faced and how they have been dealt with, and what your short, and long term, goals are for the pension scheme. We’ll talk to you about what you can and can’t do, rather than what you should or shouldn’t! It’s very important these matters are always discussed with a suitably qualified and authorised Independent Financial Adviser.

We’re available for video calls as and when suits you best but we’ll aim to drop you a line to arrange a call around the anniversary of when your scheme was first established. If you’d like to arrange a video call sooner, feel free to go to our website and request a video call.

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We invite professional advisers and business owners to get in touch to discuss how we can help you and your clients.