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Setting Up a SSAS Pension with One Crown Pensions
The best - and easiest - way to set up a SSAS pension is with Practitioner help. One Crown Pensions offers SSAS expertise, through SSAS set-up, pension transfers and administrative support as well as offering SSAS permissible investment options as you seek to grow your fund. Here’s an overview of our process.
The Pension Process: A Few Things You Should Know
At One Crown Pensions, we aim to simplify SSAS and are able to help answer your questions and provide guidance wherever it’s needed. What follows are a few tips to help your pension set-up go as smoothly as possible.
Transferring Existing Pensions
Before setting up your SSAS, it’s worth considering which members have pre-existing pensions. Each SSAS member must decide what they’d like to do with their existing pensions. They can either leave their pensions where they are, or transfer their pension (or multiple pensions) into the SSAS. At One Crown Pensions, we keep things simple by syncing your finances.
Our Pension Process
At One Crown Pensions, we want to make SSAS simple. That’s why we’ve simplified the SSAS application process, making it easier than ever to set-up a SSAS pension. In fact you can complete 98% of the process online and even on your mobile device.
Choose Your SSAS Members
The first step in setting up a SSAS pension is thinking through choosing who will be a part of the scheme. Small Self-Administered schemes are limited to 11 members. These members are typically a spouse or partner, children or other Company Directors. It is also possible to include other company employees as well as other family members, although this is less common. So it’s worth considering who you’d have in mind to be a part of the SSAS and getting in touch.
Complete our Online Client Discovery Form
After speaking with us, the next step would be to complete our One Crown Pensions online Client Discovery Form. You will need to know information about your Company, your proposed SSAS Members and, if there are any, the other Company Directors - whether they will be a part of the SSAS or not. With the right information to hand, our online Client Discovery Form takes about 10-15 minutes to complete and can be done from your laptop or your phone.
SSAS Application Forms Completed and Set Up Fee Paid
Pre-filled with the information you’ve already given us, you will be provided with SSAS specific forms to sign. Pay your fee easily online through our online payment portal.
Register with HMRC and Wait for Approval
Every SSAS must be registered with HMRC. This process can take around 4-6 weeks so we recommend getting to this phase done as early as possible, especially if you are setting up a SSAS near the Company or fiscal year end. Getting to this stage too late might mean you miss out on being able to utilise your previous years allowance.
Investment Options Discussed as Approval Pends
Your personal One Crown Investments investment consultant will be in touch to help coordinate your investment strategy whilst we wait for HMRC to approve your application.
HMRC Approval Granted
HMRC will be in touch to approve your application. Once your application has been approved, you will be provided with a Pension Scheme Tax Reference number. This is a unique code that confirms your SSAS pension scheme is officially registered for tax relief and exemptions.
Open Specialist SSAS Scheme Bank Account
We open a SSAS bank account on your behalf - this process takes 48 hours. Having at least one bank account designated specifically for the SSAS is vital when it comes to receiving contributions and managing investment income properly.
SSAS is Ready to Invest
You are now free to transfer contributions into your SSAS and make investments with the support of One Crown Investments.
Pensions Transfers Timelines
At One Crown Pensions, we’ve modernised the SSAS set-up process by taking things online. This makes setting up your pension as easy as possible, saving you time and unnecessary delays. Depending on the type of SSAS you are looking to set-up, the timeline can vary. Here’s an overview:
SSAS Set-up: No Pension Transfer
Opening a new SSAS without a pension transfer takes about 6-8 weeks. This is because it takes around 4-6 weeks for HMRC to give their sign off.
Transferring Your Personal Pension
Transferring your Personal Pension into a SSAS can take between 3-4 months. This is because it can take many months for the SIPP/Personal Pension Provider to action the release of your funds.
