Many small self-administered scheme (SSAS) arrangements risk failing to meet the administrative requirements of HM Revenue and Customs and TPR, Talbot and Muir has warned.
The SSAS and self-invested person pension (SIPP) specialist warned that clients of “many” SSAS arrangements were being charged high fees while receiving little or no service – a practice that risks failing to meet government and The Pensions Regulator’s (TPR) administrative standards.
As a result, it added, those SSAS schemes are in danger of incurring large fines, and possibly being de-registered.
Talbot and Muir director David Bonneywell said much of Talbot and Muir’s growth has been driven by takeovers of poorly administered schemes.
“We have seen record growth within our SSAS division, which has largely been driven by takeovers of existing schemes where we have been approached by advisers due to dissatisfaction with the existing administrator,” he said.
“They and their clients want peace of mind that the scheme is being administered efficiently and compliantly at a fair price and that is what we offer.”