The vast majority (98%) of advisers believe SSASs should not be banned though tighter controls should be introduced to protect client funds, a survey by Dentons Pension Management has found.
The survey quizzed 48 advisers after The Pensions Regulator executive director Andrew Warwick-Thompson called for a ban on Small Self Administered Schemes (SSAS) last month. He had described them as "a vehicle of choice" for scammers. This was, Warwick-Thompson argued, because SSASs were exempt from legal duties designed to protect members that are required by large schemes, and had minimal reporting requirements. The vast majority (84%) of the advisers surveyed said they would like to see an HMRC-approved list of SSAS operators to be implemented. More than half (54%) said they wo...
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