SSAS bank account

Trusts Discussion
1

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

2

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

3

Hi Clive

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

Richard Bishop
PFEP

4

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

5

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

6

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

7

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

8

I am interested in whether there are any updates on this topic. We are responsible for a SSAS without a professional trustee and currently bank with Barclays. They are currently conducting a periodic review of the account and the person doing it seems to have no idea what a SSAS is, which worries us. Are there any other banks out there that offer a current account for a SSAS without a professional trustee? My own search has not borne any fruit.

11

Many thanks Clive, your reply is much appreciated.

12

Earlier posts deleted to remove names of banks.

13

I’m glad its not only me that has this problem. I have been struggling for years to get any bank to work with my SSAS without a Professional Trustee. United Trust Bank, Metro and Cater Allan all recently turned me down due to no professional trustee.

If anyone has any success with any bank please let me know. I am currently able to use Santander & Bank of Ireland, but their rates aren’t as competitive as other banks.

Thanks

14

Try the private banks who will often take SSAS money for a fee. HTB is currently offering ok rates. The investment sense website lists banks that will take SSAS but doesn’t specify if they require a professional. Teachers BS is currently listed. United Trust hasn’t always reqd one (might depend who you speak to) but then Cater Allen used to be more relaxed as well. Some of the other Islamic banks are also accommodating assuming you have forgotten BCCI (they are usually within the FSCS).

I go through a periodic crisis but after some phoning around an institution usually turns up.

15

Paul that’s very interesting and thanks for posting.

Could I have some more info please.

So the declaration would just be within your scheme and would not be required for the bank?

Also have you tried this yet? Personal account or business (the one linked to the SSAS)?

Thanks
Sam

16

The declaration would be from the legal owners of the joint personal account to the trustees of the SSAS stating that they hold the monies in the personal account as nominees/bare trustees for the scheme trustees.

I can’t comment on any specific arrangements with individual banks.

17

Hi @Sam101 ,

I’ve recently opened up a SSAS and I’m struggling to find an institution to open a bank account with. Either through a complete lack of knowledge on their side with regards what a SSAS is or through their desire to have more clientele brought through via a professional trustee (their words, literally).
Does Bank of Ireland still offer ssas accounts and are there any others. Also what kind of account is it i.e. business savings account? One bank told me I needed to open a personal account.
Thanks in advance