How to become the trustee of my own pension?

aquitaine

I want to become the trustee of my own pension to avoid the usual bunch of scam artists that operate in the sector. I rang the inland revenue and asked about this and they told me that I needed experience with a company operating in the pensions sector. I pointed out to them that pretty well every company operating in this sector held convictions for miss-selling etc and that they were effectiveley disbarring anyone from being a trustee who did not have connections with what are at best, dubious practitioners. Long silence.

Does anyone know of people who have managed to become trustees of their own fund and how they did it? I'd be interested to know.

MrChips

You can stand to become a "member nominated trustee" of your company pension scheme. I think all company pension trustees have to be at least one third represented by fellow members.

One of my best friends at work is a trustee of my pension.

aquitaine

Thanks for your reply.

If I became a member nominated trustee (only one member, me, so no problem there) would there still need to be other trustees because I don't want anyone else involved.

MrChips

Sorry, didn't realise you weren't talking about a company scheme. I don't know what it is but I get the impression that deep down, possibly subconsciously, you have a resentment of the pensions industry. Have you had your fingers burned before?

EdInvestor

aquitaine wrote:

Thanks for your reply.

If I became a member nominated trustee (only one member, me, so no problem there) would there still need to be other trustees because I don't want anyone else involved.

Have a look at the rules for SSASs.

http://sharingpensions.co.uk/corporate_benefits_ssas.htm

You still have to have an outside trustee as well as being a trustee yourself, but there's much more control.