Focus 104 – Improvements to our SSAS establishment process
HMRC has stepped up the due diligence it is carrying out in respect of registration requests for the establishment of new SSAS. This is in light of concerns that some of these types of arrangement are being used as vehicles to facilitate pension liberation. It seems clear that the additional information and documents requested by HMRC are to ensure as far as possible that all schemes registered by them are “bona fide” arrangements.
Following on from the initial on-line request to register a new scheme, HMRC are now requesting a whole range of additional information that must subsequently be supplied to them in order for them to consider the registration request fully. There are now 15 sets of information / data that HMRC are typically requesting in order to consider the registration of a SSAS further, and just 2 of these are requested at the initial online stage of registration. This is inevitably leading to delays in schemes becoming registered and frustration for the adviser and their client.
To smooth the process, with immediate effect we have expanded the initial amount of data we will capture at outset when setting up a new SSAS. This is intended to keep things as streamlined as possible for advisers and their clients, as when HMRC respond to the online registration request with their further information / data request, we should in most instances be able to supply this to them without delay, and without having to trouble the adviser and their client further.
Should you wish to discuss this, or any other SSAS or SIPP matter, please contact our Adviser Support team or your usual Talbot and Muir contact.