All SSASs are individual trusts which will have been individually registered with HMRC. The founder employer or trustees are able to appoint professional firms to assist them in the management of the trust and should they wish to replace any such firm they are able to do so without altering the structure of the original trust.
WestBridge SSAS can step into the role of professional trustee or Scheme Administrator for schemes where the existing service has fallen beneath client expectations or where no professional administrator has been in place.
The process to take over a scheme is as follows:
- Complete and return our SSAS Takeover Questionnaire and provide a copy of the scheme trust deed and rules.
- WestBridge SSAS will assess the scheme and service required and provide an estimate of costs and the services required
- If acceptable, WestBridge SSAS will issue Terms of Business for signature and return. At this point proof of identity and address documents are required for member trustees.
- Westbridge SSAS will then write to any existing practitioner, collecting all scheme membership and investment data and associated documents.
- Westbridge SSAS will then provide a suite of documents to:
Appoint our trustee company in place of any retiring trustee company as trustee and co-scheme administrator.
Adopt our own new scheme deed and rules.
Re-register scheme assets to remove the retiring trustee and update the investment providers/bank with the current trustees and signing requirements.
Notify changes to the SSAS’s online registrations with HMRC, The Pensions Regulator and Information Commissioners Office.
Notify any other advisers to the scheme
The completion of any takeover and full asset reregistration can take often take several months due to the many different parties involved in the process. We will endeavour to keep the client fully appraised of progress throughout this process.