SSAS bank account

For several years a small self-administered pension scheme (SSAS) has struggled to get accounts open and now would like to switch its current account facilities. Does anyone know which UK banks offer such accounts to a SSAS?

It does not have a professional trustee.

Many thanks.

Clive Tucker
PPL Pension Scheme

Have you tried Bank of Scotland or Cater Allen? We have opened a SSAS current account with the latter recently and have used the former for several years with one client. There may be others too but these are the ones I have experience of.

Ben Kemmish
Grierson Dickens Ltd

Hi Clive

I use Metro Bank for several SSAS schemes I look after.

Richard Bishop
PFEP

Many thanks. I have contacted Cater Allen and await to hear from them (they have allowed deposits before). Metro require a professional trustee unfortunately. Hampden & Co, as recommended elsewhere on this forum, have agreed in principle but there is a greater cost than with others, but is one I am considering.

Clive Tucker
PPL Pension Scheme

My experience with Metro Bank is that they will only provide SSAS accounts where there is an FCA regulated professional trustee. However, where there is then they are pretty good for SSAS banking.

Barclays were very helpful where the trustees were not FCA regulated.

Anthony Rogers
Fusion Partners

Having encountered this problem myself I have obtained confirmation from HMRC that they have no objection to the following arrangement: SSAS (which are UK registered pension schemes) placing their funds into a bank account/s in the joint personal names of the scheme trustees with a declaration by the account holders that they hold said monies as nominees/bare trustees for the scheme trustees – these will be separate accounts from any others in the account holders’ personal names and will hold only SSAS monies.

In my experience, Cater Allen will insist upon a professional third party being a counter-signatory. However, said entity does not necessarily have to be a trustee – they have accepted the Scheme Practitioner in this role.

Paul Storrie
Storrie & Company

Thanks for this. The HMRC guidance is interesting and I may follow up. Cater Allen does indeed require a professional trustee I have just learned from them.

Clive Tucker
PPL Pension Scheme