FA2004 enabled SSAS to operate within HMRC’s Registered Pension Scheme rules without the need for an incumbent third-party professional trustee (PT).
Forum members may be aware that UK banks, fearing becoming embroiled in “pension-busting” arrangements, will now no longer open new current accounts for SSAS where there is no PT and are now moving to close existing SSAS accounts unless a PT is appointed (who must also be a co-signatory) – this approach is being applied to all SSAS accounts irrespective of longevity and compliance track record.
I approached the Revenue for their view as regards the SSAS trustees opening a joint personal current account and holding this as bare trustees/nominees for the SSAS trustees and they are happy with said arrangement. However, upon putting this to a UK bank, they will not open an account where such an arrangement is disclosed.
I have suggested various tweaks to the above accounts (such as placing various restrictions upon withdrawals), but to no avail.
No disrespect to our Pensioneer Trustee forum members, but, in my view, SSAS should be able to operate without a PT if they wish to, so any help as to a solution would be much appreciated.
Storrie & Company