MONUMENT SSAS

MEMBER TRUSTEE GUIDE

 

Introduction

 

Welcome to your Small Self Administered Scheme. This member guide outlines your responsibilities and duties as a member trustee of your SSAS, it should be read in conjunction with the SSAS guide and accompanying range of guides.

 

Scheme Structure.

 

Your SSAS is an occupational pension scheme, it is designed to have fewer than 11 members and all members are trustees. The member trustees are ultimately responsible for the scheme.

 

The scheme is exempt from a range of legislation that applies to larger occupational schemes.

 

You should familiarise yourself with the scheme trust deed and rules as these govern how the scheme operates.

 

Monument SSAS (Trustees) Limited, (where appointed), are the professional trustee for the scheme and will provide the member trustees with guidance. They will co-own all scheme assets and be joint signatory to the scheme bank account.

 

Monument SSAS Ltd are the scheme administrators and will keep the scheme records and action the instructions of the member trustees.

 

You may appoint additional advisors such as an Independent Financial Advisor who can assist with and provide advice to a range of matters such as contributions, taking benefits and investment. Monument SSAS (Trustees) Limited and Monument SSAS Limited are not authorised to provide financial advice.

 

Administration

 

The scheme administrator will keep your records, you should pass information to them promptly so that they can keep records up to date and when necessary submit the annual scheme return.

 

Trustee Meetings

 

As trustees you should have at least one annual trustee meeting although we recommend two. You may wish to ask your financial advisor to organise this. Minutes of the meeting should be kept and a copy sent to the administrator.

 

Your financial advisor will be able to assist with holding the trustee meeting.

 

An agenda should be sent to all trustees in advance, items that may be on the agenda are;

• Review of investments

• Contribution levels

• Legislation changes affecting the scheme

• Scheme accounts

• Appointment of advisors

 

Scheme Accounts

 

There is not a requirement for audited scheme accounts; however it is good practice to have accounts or financial statements prepared annually.  

 

HMRC

 

Once registered with HMRC your scheme will be issued with a Pension Scheme Tax Reference (PSTR) number. Your scheme will also be set up for online submissions of returns. This number will be used in all correspondence with HMRC.

 

If Monument SSAS Limited are the recognised scheme administrator they are responsible for the scheme return. To complete the return within HMRC deadlines the member trustees may be required to provide additional information.

 

Taking Benefits

 

To enable the payment of benefits we require the benefit payment form and a valuation of the assets. Pension income is payable under PAYE, without an appropriate tax coding we will automatically apply an emergency code.

 

Death Benefits

 

There are a wide range of options regarding the payment of death benefits, we strongly advice you discuss these with your advisor to ensure your wishes are met.