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Call us for further information on:
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0116 240 4402
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or alternatively email us at:
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ifa@greyfriars.co.uk
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SSAS Fees and Services
on a "full advice" basis
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Initial fee |
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£1,982 + VAT
(see note 1)
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Renewal fee
(charged annually in arrears) |
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£1,632 + VAT
(see notes 1 & 2) |
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Scheme Takeovers with full Rule Update
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Initial fee |
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£1,693 + VAT
(see note 1 & 4)
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Renewal fee
(charged annually in arrears) |
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£1,632 + VAT
(see notes 1 & 2) |
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- Covers up to two scheme members. Additional members charged at £250 + VAT each.
- Renewal fees subject to review.
- New scheme entrants other than at date of establishment charged @ £575 + VAT each.
- We've done our best to keep the scheme takeover fees to an absolute minimum as your client may well have paid an initial set up fee to someone else.
Unfortunately, taking over a SSAS involves much more work than setting up a new one and we also incur the legal cost of the Deeds and Rules. If we get asked to take over the scheme close to its year end it may avoid paying the current provider's annual renewal fee so the client could incur no extra costs to switch to us.
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Core Services included in above fee structure
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- Acting as Professional Trustee and joint Scheme Administrator.
- All routine administration.
- Quarterly and Annual Revenue returns.
- Annual Scheme Valuation.
- Annual Invoicing for rent.
- All liaison with HMRC.
- Maintaining detailed scheme records.
- Review of GAD rates.
- Payment of Pensions and tax.
- Pensions Registrar fee.
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Additional Fees and Services
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- Additional Trustees Meetings
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Time Costed |
- Additional Scheme Valuations
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£100 + VAT
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- Arranging and documenting loanback
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£250 + VAT
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- Each quarterly loanback interest invoice
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£30 + VAT
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- Additional rental invoice
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£25 + VAT
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- Actuarial and legal work
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Time Costed
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Property Transaction Charges
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Whether it is a new purchase or an "in-specie" transfer, the following additional costs will apply;
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Land contamination "sitecheck" report
(this fee is payable by the client even if we subsequently have to decline to accept the property under our Trusteeship).
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£240 + VAT
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One Scheme - Property purchase/acquisition without mortgage (per property):
There will be a one-off property administration fee of £400 plus VAT.
One Scheme - Property purchase/acquisition with mortgage (per property):
There will be a one-off property administration fee of £600 plus VAT.
Two or more Schemes administered by GAM - Property purchase/acquisition without mortgage (per property):
There will be a one-off property administration fee of £600 plus VAT covering two Schemes with an extra £200 plus VAT charged for each additional Scheme involved. The total cost would then be split equally between the Schemes. For example, if three GAM Schemes are involved, the total cost would be £800, split between the three Schemes.
Two Schemes administered by GAM - Property purchase/acquisition with mortgage (per property):
There will be a one-off property administration fee of £800 plus VAT covering two Schemes with an extra £300 plus VAT charged for each additional Scheme involved. The total cost would then be split equally between the Schemes. For example, if three GAM Schemes are involved, the total cost would be £1100, split between the three Schemes.
Any other proposals involving joint ownership of property between one or more Schemes an another entity - with or without mortgage:
Such transactions are individually costed depending upon their complexity and the circumstances of the case. Please contact us to discuss.
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Notes
It is a condition of our Trusteeship that any property owned by a SSAS is insured by the Trustees through our block policy. Please refer to our 'Property Purchase Guidance Notes' for more details, in particular, our requirements regarding legal advice.
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(Revised: April 2011).
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