SSAS. Charges Schedule

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Hester Anderson
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1 CHARGES APPLICABLE FROM 31 JULY 2017

2 CHARGES Initial charges New SSAS set up On completion of the transaction 600 SSAS takeover On completion of the transaction 1,500 Annual administration charges 1 SSAS with one member Annually in arrears 650 SSAS with two members Annually in arrears 850 SSAS with three members Annually in arrears 1,050 SSAS with four members Annually in arrears 1,250 SSAS with five or more members Annually in arrears 1,450 Individual earmarking of assets (per member) 1 Annually in arrears 100 Non-trustee members (payable at member level) 2 Annually in advance 1,500 Only available to existing schemes where earmarking already exists and the charge is in addition to the annual charge stated above. 2 Applies from 1st January 2018 or after three months of ceasing as a trustee, whichever is the later. Annual accounts Preparation of unaudited accounts 3 On completion of the transaction p.a. 3 This is an additional service available to the Trustees. Contributions Single or regular cash contributions N/A Nil In-specie contribution - excluding property 4 On completion of the transaction 250 In-specie contribution - property 4 On completion of the transaction You should check with your local Inspector of Taxes whether the in-specie contribution can be offset against Corporation Tax. Transfers in Cash transfer in N/A Nil In-specie transfer in - excluding property On completion of the transfer 250 In-specie transfer in - property On completion of the transfer 750 Unless stated otherwise, the standard rate of VAT is payable on our charges. 2

3 Investments Loans - set up On completion of the transaction 500 Loans - annual administration Annually in advance 200 Loans - restructuring existing loan On completion of the transaction 200 Unquoted shares 5 On completion of the transaction 100 per trade 5 No new purchases of unquoted shares are allowed. If your SSAS is already invested in unquoted shares we will allow additional investment in your existing holdings (known as top ups). Therefore the above charge will apply to top ups and any sales. Commercial property UK purchase or transfer in On completion of the transaction 750 Mortgage arrangement charge On completion of the transaction 250 Annual property administration charge Annually in advance 525 (first lettable unit/ lease in each property) 450 (each additional lettable unit/lease in each property) 6 Annual mortgage charge Annually in advance 150 per mortgage Sale or transfer out On completion of the transaction 500 Purchase or sale cancellation charge On cancellation 300 Review of lease renewal/new lease/deeds/licences to occupy, assign, alter or sub-let When signed by us 200 Property development charge On completion of the development 0.5% of cost of works (charge capped at 2,000 per development) Pre-funding expenses charge At the point funding is provided 50 Penalty for failing to provide property related documentation 7 Quarterly in arrears 75 Holding property across multiple schemes Annually in advance 100 per scheme Holding property in conjunction with external party Annually in advance 250 per scheme 6 These charges are only applicable to a maximum of three properties or three leases. Any additional properties/leases will not incur this charge. 7 The charge is payable if documentation has been outstanding for more than 90 days from the date the request was made. Unless stated otherwise, the standard rate of VAT is payable on our charges. 3

4 Administration New member On completion of the transaction 350 New principal employer On completion of the transaction 350 Additional participating employer On completion of the transaction 350 Producing a Deed On completion of the transaction Time/cost (typically 150) Scheme tax return On completion of the transaction 200 Provision of information to third party On completion of the transaction Time/cost (typically 100) Ad-hoc meeting On completion of the transaction Time/cost (typically 150) Time consuming transactions On completion of the transaction Time/cost (typically 150) Legislative changes On completion of the transaction Time/cost (typically 150) Registered pension scheme return On completion of the transaction 100 External bank account (current) Annually in advance 400 per account External bank account (savings) Annually in advance 100 per account Non-regulated adviser connected to the scheme Annually in arrears 50 Ad-hoc fund valuation On completion of the transaction 50 Outstanding charges reminder letter On issue of letter 50 Unauthorised investment/payment On identification of transaction 200 Benefits and payments - per member-member Income Drawdown calculation (per tranche) On completion of the transaction 100 Arranging annuity purchase On completion of the transaction 250 Annual Income Drawdown charge (once benefits are crystallised as flexi-access or capped drawdown) - even if nil income taken (internal payroll) Annual Income Drawdown charge (once benefits are crystallised as flexi-access or capped drawdown) - even if nil income taken (external payroll) Review of Scheme for pension limits and entitlements within Scheme Annually in arrears 150 Annually in arrears 350 On completion of the transaction 100 Conversion from capped to flexi-access drawdown On completion of the transaction 100 Uncrystallised funds pension lump sum payment On completion of the transaction 100 Death benefits On completion of the transaction Time/cost (typically 350) Pension sharing on divorce On completion of the transaction Time/cost (typically 500) Unless stated otherwise, the standard rate of VAT is payable on our charges. 4

5 Transfer out - per member Arranging transfer out On completion of the transaction 350 (per transfer) Arranging overseas transfer out On completion of the transaction 500 (per transfer) Closure of SSAS On completion of the transaction 350 (plus proportional annual fee) Administration post removal as trustee On completion of the transaction 250 OTHER IMPORTANT CHARGES Regulatory/industry levies/disbursements In the event of a levy being imposed on us under the Financial Services Compensation Scheme or any other levy or taxation being imposed on us or your SSAS affecting our business, we may recover from your SSAS an amount equal to the proportion of such levy or taxation. In addition, any fees payable by us as scheme administrator on your behalf (e.g. Pensions Regulator levy, Information Commissioner s Office or Legal Entity Identifier charges) will be claimed back from the scheme as a disbursement. In the event that we do this, we will give you 30 days notice of the amount that is due from your SSAS. Annual charge increases Annual charges increase with effect from 1 April each year in line with the rise in the Average Weekly Earnings (AWE) Index (or any equivalent index in the event that the AWE index ceases to exist). We will give you 30 days notice if we amend or increase any annual charges by an amount exceeding the percentage increase in Average Weekly Earnings, or if we amend or increase any other charge. 5

6 Glossary and explanation of terms Administration Annuity Capped Drawdown Crystallisation Flexi-access Drawdown Income Drawdown In-specie Transfer in Uncrystallised Funds Pension Lump Sum (UFPLS) The process of looking after the SSAS on an ongoing basis. This includes but is not limited to Trustee Services, Scheme Administration and Practitioner Services. A policy issued by an insurance company which provides a guaranteed income for life in exchange for a lump sum (the member s accumulated SSAS fund). A form of income drawdown where there is a maximum annual income limit calculated. The act of starting to take benefits (tax free lump sum and/or income) from your SSAS. A form of income drawdown available from 6 April 2015 where there is no limit to the amount of income you can take each year. Crystallising benefits in order to draw a tax free lump sum and/or income. This covers both capped drawdown and flexi-access drawdown. The transfer of an asset other than cash from another pension scheme to your SSAS, e.g. shares or holdings in investment funds. Transferring the value of pension rights from an existing pension scheme to the SSAS either in cash or in-specie. A lump sum made of a tax-free element (25%) and a taxable element (75%) that you can take from your pension fund provided you have not already crystallised those funds through income drawdown. If you have any questions regarding the content of this document or if you require any of the documents shown on page 1, please visit or call us on We are able to provide literature in alternative formats. For a Braille, large print or audio version of this document call us on (or via the Typetalk service on ). James Hay Partnership is the trading name of James Hay Insurance Company Limited (JHIC) (registered in Jersey number 77318); IPS Pensions Limited (IPS) (registered in England number ); James Hay Administration Company Limited (JHAC) (registered in England number ); James Hay Pension Trustees Limited (JHPT) (registered in England number ); James Hay Wrap Managers Limited (JHWM) (registered in England number ); James Hay Wrap Nominee Company Limited (JHWNC) (registered in England number ); PAL Trustees Limited (PAL) (registered in England number ); Santhouse Pensioneer Trustee Company Limited (SPTCL) (registered in England number ); Sarum Trustees Limited (SarumTL) (registered in England number ); Sealgrove Trustees Limited (STL) (registered in England number ); The IPS Partnership Plc (IPS Plc) (registered in England number ); Union Pension Trustees Limited (UPT) (registered in England number ) and Union Pensions Trustees (London) Limited (UPTL) (registered in England number ). JHIC has its registered office at 3rd Floor, 37 Esplanade, St Helier, Jersey, JE2 3QA. IPS, JHAC, JHPT, JHWM, JHWNC, SPTCL, SarumTL, IPS Plc, PAL, STL, UPT and UPTL have their registered office at Dunn s House, St Paul s Road, Salisbury, SP2 7BF. JHIC is regulated by the Jersey Financial Services Commission and JHAC, JHWM, IPS and IPS Plc are authorised and regulated by the Financial Conduct Authority. The provision of Small Self Administered Schemes (SSAS) and trustee and/or administration services for SSAS are not regulated by the FCA. Therefore, IPS and IPS Plc are not regulated by the FCA in relation to these schemes or services.(06/17) JHSS 0007A AUG17 GDF

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