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We can set up small self-administered pension schemes for UK-based trading companies where all the members act as trustees along with Barnett Waddingham Trustees Limited.

The Scheme Establishment fee includes:

  • Producing a Trust Deed to establish the scheme
  • Producing membership documentation for up to eleven members
  • Setting up a trustee bank account with our preferred panel bank (see Note 1)
  • Registering the scheme with HM Revenue & Customs
  • Registering the scheme with the Information Commissioner’s Office
  • Registering the scheme with The Pensions Regulator (if necessary)

Please note that we will only set up a new scheme where we are appointed to act as a professional trustee.

An initial fee of £750 plus VAT is payable on production of the Scheme Establishment documentation and an additional £500 plus VAT is payable once the scheme has been registered with HM Revenue & Customs and the bank account has been set up.

Our fee for Scheme Establishment is £1,250 plus VAT.

Trustees are responsible for administering the scheme and its benefits although will usually delegate this to a pension professional. We charge a fixed fee for Annual Administration Services which can include the items shown below, where required.

  • Maintaining scheme records on our administration system and providing an annual summary
  • Access to a named client manager accountable for your pension scheme
  • Submitting HM Revenue Customs Registered Pension Scheme Return
  • Submitting The Pensions Regulator triennial Scheme Return
  • Liaising with the scheme accountant to aid production of scheme accounts
  • Submitting HM Revenue Customs Event Report and Accounting For Tax Return
  • Providing member statements as required by HM Revenue Customs
  • Handling renewal process for The Pensions Regulator and the Information Commissioner’s Office

Please note that the Annual Administration Services fee does not include levy payments that may be due to The Pensions Regulator and the Information Commissioner’s Office.

Our Annual Administration Services fee is £1,350 plus VAT or £1,600 plus VAT where we act as sole Scheme Administrator (See Note 2). An additional annual charge of £150 plus VAT applies where trustees are using a non-panel current bank account (See Note 3). Our Annual Administration Services fee accrues monthly and is invoiced six-monthly in arrears.

The Annual Administration Services fee covers essential work that we think is best done by the pension provider. Other work will be required from time to time. Due to the variable nature of additional work requested, we charge on a time-cost basis (i.e. the work is invoiced in arrears based on the time spent and the charge out rate of the people involved). In some instances, though, where the work is uniform, we charge on a fixed fee basis. Work charged on a fixed-fee basis is shown below. Fees charged “per tax year” are payable if the service occurs for any part of the tax year.

Service Fee
Bank account set up (panel bank account) £240
Collectives investment account establishment (excludes stockbroker accounts) £250
Collectives investment account top up, withdrawal or closure (excludes stockbroker accounts) £80
Legal Entity Identifier application (including LSE levy) £195
New Scheme Member or Trustee (excludes costs for transfers in of other benefits) £360
VAT Registration (or takeover) where SSAS is sole owner of property or properties £380

 

Service Fee
Legal Entity Identifier annual renewal (including LSE levy) £105
PAYE administration for payment of pension through our payroll provider (per scheme) £400 per tax year
Relief At Source Administration £360 per tax year
Rental invoicing £60 per tenant per payment
SA970 Tax Return completion and submission if not nil return (no charge for nil return) £130 per return
VAT Return Submission via Making Tax Digital £75 for the first property plus £20 for each additional property per quarterly return

 

Additional work that we conduct that is not covered by the Scheme Establishment, Annual Administration Services or Supplementary Fixed fees is conducted on a time-cost basis. We can provide estimates in advance on request and will only charge time-cost fees for work that has been requested or we are required to conduct to discharge our duties to the trustees and the relevant authorities.

Examples of work conducted on a time-cost basis are shown below.

  • Producing unaudited financial statements (on a receipts basis)
  • Attendance at meetings (travel time charged at half time cost)
  • Work relating to property transactions including purchase, sale, borrowing and leasing
  • Work relating to stockbroker dealing accounts
  • Facilitating lending to sponsoring employers and others
  • Organising benefit drawdown for members
  • Distribution of death benefits
  • Processing transfers to or from other pension arrangements
  • Dealing with pension sharing on divorce
  • Scheme wind-up
  • Consultancy to the trustees on any issues
  • Guidance relating to the feasibility of proposed investments

The current hourly rates vary in line with experience and seniority and are set out below. The rates are reviewed at each 1 June. The rates applicable to your scheme can be confirmed to you on request.

Role Hourly rate range, plus VAT
Director £240 - £395
Client Manager £163 - £285
Client Administrator £125 - £163

Directors are Client Managers who hold the title of Associate, Principal or Partner within the firm.

  1. If a trustee bank account is required with a specific bank that is not on our panel, we reserve the right to charge an additional fee based on the time additional work required in dealing with that bank.
  2. Higher annual fee for acting as sole Scheme Administrator: There must be at least one designated Scheme Administrator who is accountable and HM Revenue & Customs for the pension scheme which could be one or more of the trustees and sponsoring employers. Where we are appointed as professional trustees, we can act as Scheme Administrator. Instead of charging for providing a trustee service, we charge a higher annual fee if, for any part of a tax year, we act as sole Scheme Administrator. More information can be found in our online guide: The role of a Scheme Administrator.
  3. Additional annual fee for using a non-panel bank current account: A supplement is added because administration becomes more time-consuming if we are not dealing with our relationship bank managers who look after the Bank of Scotland and Cater Allen trustee banking options. We charge a bit more rather than restrict trustees on their banking options.
  4. We do not charge an additional retainer fee for being a professional trustee to the scheme, though where we act as trustee we will naturally be more involved in scheme transactions and so time-cost charges for similar pieces of work will be higher where we act as trustee.
  5. Fees are reviewed annually on 1 June. All fees are subject to VAT and settlement is required within 30 days.
  6. The Annual Administration Services fee is invoiced six monthly in arrears. We reserve the right to invoice more frequently if there has been a significant amount of work undertaken on a scheme.
  7. If a transaction or investment fails to complete, time will have been incurred for the work completed up to the date the transaction is abandoned. We will charge for our accrued time for abandoned items of work.
  8. Some schemes reach a level of size, complication or the trustees have particular administration requirements, which results in time costs which significantly exceed the fees quoted in this schedule. If your scheme falls into that category, your client manager will write to you to confirm how the fees for your scheme will be assessed.

Contact us for all enquiries

For more information about the independent, expert services we provide in this area, speak to our team today at the link below.

Or if you have questions relating to your SSAS with Barnett Waddingham, please use our Scheme Member Contact Form.

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