How Does a SSAS Bank Account Work?
Once the SSAS is approved by HMRC, we at One Crown Pensions open up a SSAS bank account on your behalf.
Setting Up a SSAS Bank Account
A SSAS bank account is a specialist current account attached to the SSAS and usually takes around 48 hours to set up.
Bank Account Signatories
All the member trustees will be signatories to the bank account. If there are multiple members in the SSAS they will all be signatories to the bank account. You can also nominate 2-3 members out of the group as key signatories.
In addition to the member trustees, we as the Scheme Practitioner are also signatories to the current account. That is a requirement of the bank and ensures we can make a final check that investments made are compliant with the investment pension regulations.
Making Payments to and from the Bank Account
When we are making payments for you from the bank account, we operate a stringent process requiring more than one of us to be involved so that errors are eradicated.
It’s important to understand that all member trustees must agree in writing to all current account payments and investments.
Your Account Access
You will be given online access to view the account and monitor what is going on at any time.
How Much Money Should be Held in Your SSAS Bank Account
It is important to keep track of the amount of funds within the current account attached to the SSAS. As with all current accounts in the UK, you are covered by the Bank of England up to £85,000 per person should the bank go bust.
We encourage you to keep as little in the account as possible beyond about £3,000 - £4,000 to cover fees. The money in your SSAS should be invested and working hard for your retirement not languishing in the current account of the SSAS.
Once you’ve made contributions make sure you speak to the One Crown Investment team about how you can get that money invested and working hard for you.
