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SSAS Pension - Finding a Stock Broker
housedesign1
Posts: 9 Forumite
Looking for recommendations / experience from anyone with a SSAS as to which broker platforms will open an account for a SSAS held by non-corporate and non-FCA regulated Trustees (ie me and my business parter are the Trustees). Our limited trading company is the sponsor of the SSAS.
I have various SIPPS and am familiar with trading through the likes of HL, Trading212 etc. The SSAS will hold a commercial property generating rental income and I am finding it impossible to find a broker who will open an account for us in order to invest this rental income - the biggest block seems to be that there is no 'corporate' trustee.
The likes of AJBell and others apparently all used to do this but closed the facility in 2024!
I believe HMRC required a SSAS to have a corporate trustee until a few years ago when they removed that rule and business Directors could act as sole trustees. However either broker platforms have not caught on - or perhaps restrictions have to do with fraud / non-compliance.
Currently, the property is in a 'shared' SIPP with XPS and we are finding their regulations restrictive as regards where we can and cannot invest funds. Hence why we are seeking to transfer out and into a SSAS in our business, but after investigation, I am finding the investment choice restrictive in this wrapper too! We could move the SIPPS to for example, a pension property specialist such as Dentons and have looked at this option. We would then have a 'corporate' trustee, but with this would come more costs and another layer of restrictions which we were hoping to do away with.
If anyone has been on this journey, or knows people who have, I would be grateful for any and all experience and learnings. Have spoken with many commercial property SIPP providers and SSAS specialists however would be interested to hear from people at the coleface.
Thank you.
I have various SIPPS and am familiar with trading through the likes of HL, Trading212 etc. The SSAS will hold a commercial property generating rental income and I am finding it impossible to find a broker who will open an account for us in order to invest this rental income - the biggest block seems to be that there is no 'corporate' trustee.
The likes of AJBell and others apparently all used to do this but closed the facility in 2024!
I believe HMRC required a SSAS to have a corporate trustee until a few years ago when they removed that rule and business Directors could act as sole trustees. However either broker platforms have not caught on - or perhaps restrictions have to do with fraud / non-compliance.
Currently, the property is in a 'shared' SIPP with XPS and we are finding their regulations restrictive as regards where we can and cannot invest funds. Hence why we are seeking to transfer out and into a SSAS in our business, but after investigation, I am finding the investment choice restrictive in this wrapper too! We could move the SIPPS to for example, a pension property specialist such as Dentons and have looked at this option. We would then have a 'corporate' trustee, but with this would come more costs and another layer of restrictions which we were hoping to do away with.
If anyone has been on this journey, or knows people who have, I would be grateful for any and all experience and learnings. Have spoken with many commercial property SIPP providers and SSAS specialists however would be interested to hear from people at the coleface.
Thank you.
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Comments
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Haven't used anything like this but searching "SSAS" +providers on Google (.co.uk) brings up some links. This is the top one, but others may be suitable DYOR
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