SSAS suitability report

SiddsSidds Member
edited October 2017 in Technical stuff
Wondering if anyone could help me - currently writing a report for a SSAS that is being used to purchase land and develop a commercial property that the company will then use as their business property.... to purchase it they are transferring the funds from their individual SIPPs with Standard Life (as Standard Life will not permit the investment as an allowable asset class) - just checking what I need to cover off in the suitability report with regards to the transfer of their SIPPs???


  • Biggest issue to cover off is why you are using a ssas instead of a group SIPP with another provider. 
  • HMRC reporting requirements; scheme accounts; HMRC registration etc. Costs (obviously). A key issue may be pre-retirement death benefits - exactly how will you pay out the fund value of its a share of the property? What if someone wants to transfer out / take benefits?
    What happens in the event of someone being sacked by the company? Do the other members want some sort of way of getting them out of the SSAS / property ownership? (I've had this issue in the past; was a complete nightmare as both sides ending up hating each other, lawyers etc!)
    In my experience 2 life SIPP v 2 Life SSAS is broadly neutral so have opted for SIPP to reduce HMRC reporting. More members than that SSAS costs have been lower overall.
  • My last one was loanback led for development and we covered the transfers in separately to each member as part of their investment recommendation, as well as in the main report. 

    Standard Life are pretty inflexible when it comes to property purchase and have had to move decent SIPPs from them in the past to facilitate the buying of business premises. 

    Similar to Richard, how connected are the parties? Would they "fall out" so which is easier to undo? Strange reason I know, but I've seen it happen.

    We're about 50/50 just now on new SIPP or SSAS when property is involved. 
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