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SSAS Set-Up Times Dramatically Reduced

May 9, 2019 10:12 am Published by

It has been a long time coming, but finally registration times for SSAS schemes have been dramatically reduced.

There have always been many benefits for business owners when it comes to setting up a SSAS pension. However, the length of the process has always been a drawback. It was normal for the scheme to take around 6 months to finalise.

This has changed since the new platform, Manage Pension Schemes, went live at HMRC.

In our experience, schemes are now taking only 4-5 weeks to register, then a further 2 weeks to open a bank account for the SSAS after registration. This means the whole process can take only 6-8 weeks before the scheme is ready to make the first transaction.

If the long timescale was a reason to discount a SSAS pension in the past, now is a good time to reconsider.

If you would like some expert, bespoke advice on setting up a SSAS pension, the team here at Hartsfield can help. Please get in touch.

 

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This post was written by Paul Verwoert