Reasons to use the IPS SSAS
The IPS SSAS, administered by The IPS Partnership Plc, is designed to provide a very competitive product in what continues to be a dynamic marketplace.
One important aspect of the IPS SSAS is that we operate under the principle that if HMRC allows it, then so do we!
This is an important point when comparing SSAS providers and our unsurpassed flexibility has continued to strengthen our reputation in an increasingly competitive sector.
We have developed a reputation in the pensions industry for providing our clients with the very highest standards of pension administration, which sets us apart from other practitioners. For example:
Fees
1. The IPS SSAS offers a transparent and competitive fee structure which is operated on an extremely low cost basis and is simple and easy to understand.
2. Our fee structure does not include "transaction charges" for each transaction made by a scheme. In our opinion, individual transaction charges represent an almost open ended right to charge fees.
3. We have a clearly worded Fee Agreement for each client which sets out the basis of our charges. In some circumstances, where an unusually high number of transactions are carried out by a scheme requiring a level of work not covered by the standard annual fee, we may need to approach the client to agree additional fees for this. Should this occur, the client will be notified in advance, rather than receive an unexpectedly high bill at the end of the year.
Administration
4. The SSAS administration team uses Account Executives who handle the day to day administration of their designated cases. This provides a level of relationship management and familiarity not always provided by our competitors.
5. We take a pragmatic approach to problem solving that has been developed over more than 30 years in the self-administered pension scheme industry.
6. The IPS SSAS is administered using fully integrated computer systems and includes the ability to download applications and a wide range of guidelines covering most technical issues. Contact details for more specific queries are also available.
7. The IPS SSAS is fully compliant with the A Day pension regulations introduced in April 2006.
Properties
8. In the case of pension scheme property purchases, we impose no restrictions or requirements on the use of a specific solicitor or property manager. The choice is left completely to the client, with no additional fees being levied if a designated company is not used for these purposes.
9. Responsibility for collection of rents, rent reviews, lease expiries and VAT returns rests with the member trustees and, unlike some practitioners, we do not insist on performing these functions. Whilst this may place a greater administrative burden on the members, it enables us to keep fees to an absolute minimum, with no regular additional fee for SSAS holding property.
Other Investments
10. The pension schemes we offer allow complete flexibility to use any recognised fund manager or financial adviser to handle the investment of accumulated funds.
11. The IPS SSAS allows purchase of warrants, futures, options, hedge funds, contracts for difference, unquoted shares and gold bullion, which in some cases are not permitted by other SSAS practitioners.
12. Each SSAS has a client account with Barclays Bank Plc. However, the member trustees have the freedom to choose another bank account should they so wish.
Transfers, Contributions and Benefits
13. The IPS SSAS allows "in-specie" transfers of assets from other types of pension scheme, such as property, Trustee Investment Plans, equities and With-Profit Bonds, which some practitioners do not permit. In-specie payment of contributions and retirement benefits are also possible. This helps to avoid situations where investments would have to be encashed prematurely, thereby incurring early surrender penalties or Market Value Reductions.
14. The IPS SSAS allows all permitted options for payment of benefits on retirement and death, including tax free lump sums, unsecured pension, alternatively secured pension, scheme pension and phased retirement.