SSAS Pension Problem

Cash_Cow

pe567567567 said:

Cash_Cow said:

£3000 seems an awful lot to admin one somewhat dormant SSAS - especially compared to what is charged for full on accounting costs for business/personal/spouse too.  I pay £1k for one SSAS property.  Follow the other suggestions here but you can transfer the SSAS to a better value provider im sure. There may be setup costs mind.

sounds more sensible, who are you with/

DM me. Happy to share. 

Cash_Cow

pe567567567 said:

GDB2222 said:

pe567567567 said:

What brought all this up again is that I've just signed another lease, 7years this time and I am thinking that during this time I will have to pay the SSAS company well over £21,000 for doing next to nothing.

You can't just take the factory out of the SSAS - at least not without paying tax, and you said "The tax hit would be far too big to do that". So, you need the SSAS wrapper.

You don't need an outside company to run it, but you said you don't want to run it on your own.

However, maybe you can find a cheaper company to help you run it?

I would be happy to run the SSAS on my own to save fees, i need to find out what this entails first. 

I really don't think you can do that at all . All sorts of regs and compliance duties -obligations that they police for hmrc otherwise it would be a free for all.  They are overcharging yiu and you can transfer to a lower cost fully compliant provider. They may charge a 500 setup fee or be grateful for the ongoing business...