Advisers urged to review 'rudderless' SSAS over liberation fears

Jenna Towler
clock

Advisers have been urged to review any small self-administered schemes (SSAS) on their books to ensure the pensions properly comply with strict HM Revenue & Customs (HMRC) rules.

HMRC introduced a new ‘fit and proper' test in April 2015 in an attempt to ensure SSAS pensions were not being used for pension liberation purposes. Additional reporting requirements have also been placed on SSAS pensions. Administrators must make timely information returns to HMRC, provide information to members to enable them to meet their own tax obligations and pay any tax charges due. Rowanmoor Group said it is vital that advisers properly monitor any SSAS business they are involved with to ensure the schemes are properly supported and remain compliant. Further reading: Ro...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FSCS places Lancashire firm Frodsham Financial Planning in default

FSCS places Lancashire firm Frodsham Financial Planning in default

Advice practice formerly traded as Tom Carroll Associates FP

Hope Coumbe
clock 13 February 2024 • 1 min read
Schroders CEO: 'Private is a much easier place to exist than public'

Schroders CEO: 'Private is a much easier place to exist than public'

Peter Harrison says he is 'not quite sure we can solve the problem'

Cristian Angeloni
clock 02 February 2024 • 3 min read
FCA: Blackmore Bond promotions had 'very relevant risk warnings'

FCA: Blackmore Bond promotions had 'very relevant risk warnings'

No enforcement action for firms who approved financial promotions

Hope Coumbe
clock 07 December 2023 • 3 min read