It should be mandatory for small self-administered pension schemes to have a professional trustee to avoid potential devastating tax charges, a provider has said.
Xafinity has called for urgent regulatory changes to mandate professional oversight as it said HM Revenue & Customs (HMRC) has sharpened its focus on the pension set-ups. It reported an increasing number of inquiries from SSAS trustees, and their advisers, where the SSAS has not been administered by a specialist pensions professional and has subsequently experienced serious administrative issues. These include fines for non-submission of the pension scheme returns; loans that have been made from the scheme without the required security; scheme owned properties that have rent arrears; ...
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