White Horse Trustees Ltd is a non-trading company which will act as a corporate trustee for your Small Self-Administered Scheme (SSAS) and will also act jointly as a scheme administrator alongside you.
What is a corporate trustee?
Whilst no longer a legal requirement, most Small Self Administered Schemes use a corporate trustee to ensure that all scheme procedures and investments are carried out within HM Revenue & Customs (HMRC) guidelines.
No additional fees are payable for White Horse Trustees Ltd to act as the corporate trustee over and above the fees levied by Hartsfield Trustee Services Ltd to administer your scheme. We offer this extra service to add value, by providing you with additional security and peace of mind. Not all SSAS practitioners offer this service.
Can anyone act as scheme administrator?
In theory, yes, but in practice it is inadvisable. Since September 2014, HMRC has had the power to refuse to register – or may even deregister – a pension scheme where it believes the scheme administrator is not a ‘fit and proper’ person for the task.
There are many factors which HMRC takes into account when deciding whether the scheme administrator is ‘fit and proper’. One factor is whether the administrator has a sufficient working knowledge of pensions and pensions tax legislation to be fully aware and capable of assuming the significant duties and responsibilities of the role.
So this is where White Horse Trustees Ltd comes in.
It will act as a scheme administrator and will be responsible for registering the SSAS with HMRC and providing the required information to scheme members, HMRC and The Pension Regulator.
It is recommended that the member trustees also act as joint scheme administrators to give you greater transparency and control over the SSAS. It will also give you a better understanding of what is required to administer a SSAS, as well giving the member peace of mind that the scheme practitioner is dealing with the statutory requirements of running the scheme.
Our guide to how you become a scheme administrator can be found here.
For your information, White Horse Trustees Ltd’s company number is 07214737.
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