SSAS Pension Bank Account

Salisbury2025

I’m trying to open a bank account for a privately administered Small Self-Administered Pension Scheme (SSAS), with just two members (my wife and me).

The scheme is registered with HMRC, and we have the trust deed and supporting documentation in place.

I’ve approached HSBC, Barclays, Lloyds, Bank of Scotland, Handelsbanken, Allica and Metro Bank, all without success. Most either no longer offer trustee accounts or won’t accept SSAS pension schemes.

We simply need a UK bank account to receive transfers from our existing pensions and manage the scheme’s investments.

Has anyone successfully opened a bank account for a self-administered SSAS recently? If so, which bank?

I’d particularly appreciate recommendations that don’t require appointing an expensive professional SSAS administrator.

Many thanks!

Marcon

You and your wife have just become the proud owners of an occupational pension scheme, albeit it a midget one, with a raft of legislation wholly disproportionate to its size. Banks generally won't want to know unless they can be sure that those at the helm administering the scheme know what they're doing - and unless you and your wife have recent experience in pensions administration, you are unlikely to find a taker. The only name I've seen mentioned in relation to SSASs run without professional help is United Trust Bank, so it might be worth checking if they can assist.

We simply need a UK bank account to receive transfers from our existing pensions and manage the scheme’s investments.

Are you and your wife based in the UK? The wording of your question makes me wonder - and again, would be a barrier to setting up the bank account you're looking for.

I’d particularly appreciate recommendations that don’t require appointing an expensive professional SSAS administrator.

I'm not sure what your take on 'expensive' is, but if you do some googling, a number of SSAS administrators are pretty upfront about their fees. Given the hassle they could save you, and the problems they could ensure you avoid (not least some stiff tax penalties HMRC delights in imposing on well-meaning but untrained exponents of the dark art of pensions admin), you might want to think again.

Over the years questions have occasionally popped up on this forum from people who have set up a SSAS, and have clearly operated it on the basis that such warnings are just scare tactics to try and sell professional services. One poster hadn't even registered that a payroll was needed to access pensions from the SSAS, but claimed that over the years they had 'complied with everything they needed to do'. I don't imagine that ended well.

I appreciate this is going to be a very unwelcome comment, but are you quite sure that you need a SSAS at all? It has some distinctive features, but in many cases a full-featured, 'proper' SIPP is likely to be a much more straightforward, and less expensive, option. Bailing out now has a strong and immediate 'ouch' element, with a certain amount of egg on face, but even so, it's worth pondering if your objectives can be met without getting entangled with the siren call of a SSAS.

poseidon1

Cater Allen ( private bank subsidiary of Santander) may possibly be in the market for offering such an account.

However, you have to be professionally introduced by a solicitor, accountant or IFA.

Even then I would fully expect the bank to insist on there being a professional trustee as co signatory on the account from the point of view of risk avoidance and continuity of trusteeship should something happen to SSAS member trustee.

With regard to the continuity question, if something happened to you could your wife take on the considerable regulatory burden of administering the SSAS herself? If not what is your fallback postion in the absence of a professional co administrator?

Marcon

Cater Allen ( private bank subsidiary of Santander) may possibly be in the market for offering such an account.

However, you have to be professionally introduced by a solicitor, accountant or IFA. 

…and my understanding is that they need a continuing co-signatory on the SSAS account who currently has, and retains, an existing relationship with them, so I don't think that will fit OP's requirements.

Marcon

I was sufficiently interested in this question to contact friends in the industry to see if they could come up with any suggestions. They did, but unfortunately not the name of a potential provider of banking services! The chorus of agreement was don't try to go the DIY route, with one referring you to this link, in particular the provision relating to dormant companies: https://www.gov.uk/hmrc-internal-manuals/pensions-tax-manual/ptm033200

and pointing out that during your SSAS registration process you will have had to confirm that you and your wife were 'fit and proper persons to be scheme administrators'. A key fact for HMRC when it comes to deciding someone does not pass the test includes:

• does not have sufficient working knowledge of the pensions and pensions tax legislation to be fully aware and capable of assuming the significant duties and liabilities of the scheme administrator, or does not employ an advisor with this knowledge.