Hi, All members.
I have just joined this forum after experiencing issues with a number of SSAS schemes I advise on. Can anyone update the previous thread on this matter and suggest any banks that currently accept SSAS accounts without a SSAS Practitioner or Professional Trustee?
Anyone can open a trustee bank account with Metro Bank. What issues have you experienced thats prevented the account being opened in terms of operating a SsAs through Metro?
Why do you need a trustee account? You can use any standard sterling account opened by one/two of the company directors. We’d typically execute a deed of trust with all the members.
Richard Bishop
PFEP
Richard
I am interested in your suggestion. I started one of the earlier threads on this topic. After several years of relatively painless SSAS banking I’m now encountering the tightened regulations that require a nominated account with the same name as the trust. This means that the savings account that was effectively run as a current account will only work with a nominated account in the same name, which takes me back to square one. I’ve previously considered doing what you suggest (though previously, with Metro, as soon as I mentioned “SSAS” they say “regulated intermediary) but assuming we use a normal joint account in the names of the trustees supported by a bare declaration of trust I can’t see how that will meet the same name requirements even if, as in our case, the trustees are same and, to counter the often mentioned beneficiary trap, the trustees are also the beneficiaries…
Any further thoughts or suggestions will be gratefully received.
Clice
Happy to have chat richard@pfep.co.uk drop me an email.