How to Set Up a SSAS Pension
Setting up a SSAS pension is easy with One Crown Pensions. We provide the expert support you need to ensure things run smoothly. We even fill out the paperwork and submit it on your behalf. So, if you’re looking to set up a SSAS pension, you’ve come to the right place.
Setting Up a SSAS Pension at One Crown Pensions
If you’re at the stage where you’ve looked through our SSAS Video Hub, you’ve got the answers to some of your questions and you are interested in applying for a SSAS, that’s great news.
Here’s how you can set up a SSAS with One Crown Pensions:
Step 1: Speak to a Member of Our Team
The first step is to book a call with a member of our team. It would be a shame to go through the process only to find out that you’re not eligible or have to limit your contributions. Therefore, it is best to speak to a member of our team before diving into the process. They will provide the clarity you need before you move forward with your application.
Step 2: Complete Our Discovery Form
The next step would be to complete our Discovery Form. This only takes 10-15 minutes and is simple enough to complete on a mobile device.
To save you some time, it’s best to have the following key details to hand:
- Company Registration Number
- Corporation Tax UTR/Corporation Tax Number
- VAT Registration Number (if applicable)
- Details about the Members you’d like to add to the SSAS, including National Insurance numbers.
- Some general details about other Company Directors (whether they will be part of the SSAS or not).
Step 3: Application Review
The team member you spoke to when you first got in touch with us will then review the information you’ve provided and be in touch to discuss next steps.
Next steps would typically include making a payment of £995 (down from £2,400). Our ‘all in’ December new SSAS set up fee.
SSAS transfers from other providers are charged at £1,995 (down from £2,995). Payment is made through our secure payment portal.
Once payment is made, we will send you the pre-populated HMRC forms for signing.
Registering Your SSAS Pension
It’s important to note that every SSAS pension must be registered with HMRC. However, this process can take time. As such, it is best to start your SSAS application as early as possible, especially if you’re approaching the end of the financial year or Company year end. This allows you to utilise tax allowances and receive tax reliefs on any contributions made for the present tax year
How to Set Up a SSAS Pension: Important Considerations
Before setting up a SSAS, there are a number of things you need to consider and prepare in advance. Taking these points into account prior to starting the application process will help things run smoothly and avoid any unnecessary (and often frustrating) delays.
Decide Who Will be Part of the SSAS
While SSAS works best as a ‘family pension’, with spouses, partners and families most commonly being added as members, other Limited Company Directors and members of Company staff can be invited to join the SSAS.
Please note that all SSAS Members must be 18 years old or over, and a SSAS can have a maximum of 11 members in total.
Transferring Existing Pension Schemes
You should find out in advance of opening a SSAS whether any of the scheme’s Members would like to transfer their existing pensions into the scheme. Members do not have to transfer their existing pensions into the SSAS, it is not a requirement, however if they would like to, it’s helpful to know this information in advance as we can open the SSAS and transfer existing pensions simultaneously to save time.
Important Note: we strongly recommend that each Member talks to an independent financial advisor before committing to a pension transfer.
Communicate with All SSAS Members
Setting up a SSAS involves some paperwork (thankfully, we fill out most of it for you) and you’re likely to receive copies of these documents throughout the set-up process. It’s important to distribute all relevant information to your SSAS Members, so that every Member knows what’s required of them.
Set Up Your SSAS Pension Today
If you’ve read this article and have the information you need, you’re all ready to set up a SSAS with One Crown Pensions. Give us a call today and we can get you started.
Have You Got Questions About SSAS?
We’re here to simplify SSAS and make it more accessible. If you’ve got questions that you’d like answered, we encourage you to book a call with us. Our expert SSAS consultants can answer your questions and provide clarity on anything you’re unsure about.
In addition, we are proud to provide the best SSAS resources in the industry. So, if you’re looking for more information about SSAS, visit our SSAS Video Hub to learn more. We cover everything you need to know.
