Why SSAS administrators must be fit, proper and prudent

One of the actions taken by HM Revenue & Customs to combat pension liberation through the use of small self -administered schemes (SSAS) was to introduce the requirement for each scheme to have a "fit and proper" scheme administrator. The role of scheme administrator covers several main tasks but includes a statutory duty to keep records, filing reports, tax returns and administer settlement of payments and fines with HMRC. It is an important role and one that cannot easily be undertaken by individuals not involved in pension scheme administration as a core activity. For this reaso...