Skandia fees anger members

The move, which excludes VAT and is seen by some as Skandia’s attempt to exit the SSAS market, is in response to the fact schemes under Master Trust No 2 no longer satisfy the Small Scheme definition and are unable to retain exemptions from the requirements of the Pensions Acts. Skandia Life (Pensions Trustee) Limited (SLPT), as Scheme Master Trustee, said making amendments to the Schemes to enable them to continue benefiting from such exemptions would be a costly and inflexible process. The loss of this exemption means SLPT is required to appoint an independent auditor to undertake ...