Accounts for SSAS pension

New client has an existing scheme

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We've recently taken on a new client, the company has an associated pension scheme for the directors. The pension scheme owns a property which is rented back to the company as well as having as small amount invested. No payments are being made from the scheme currently.

We haven't had a client in this situation before so have never drafted accounts for a pension scheme. 

I see there is a SORP. I'm wondering if it's something we should be able to do appropriately so long as we follow the SORP or if we should be looking for a specialist to deal with it? The submissions can be dealt with by the investment-provider, it's just the actual accounts.

I'd be grateful for suggestions from others with experience in this area.

Thanks

 

Replies (5)

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By David Ex
06th Jun 2024 13:38

The SORP isn’t complicated so I wouldn’t worry about that.

You didn’t say but presumably the pension scheme is a separate appointment by the trustees as it’s a separate legal entity.

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By Paul Crowley
06th Jun 2024 13:45

We were asked to do it once.
We turned it down.
Why are the administrators not preparing the accounts?

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By RuthA
06th Jun 2024 14:34

Yes it's a separate appointment as a separate legal entity.

I'm struggling because the directors - who are also the trustees - really don't understand anything about it at all. It was advised long ago, so that's what they did.

The previous accountant dealt with the accounts and submissions. After discussions about it, I suggested the directors/trustees contact the administrator for them to take it on and so it has been arranged that they will do the returns in future. But they have asked for the accounts. I don't understand why they don't do it all either!

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Replying to RuthA:
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By Paul Crowley
06th Jun 2024 15:24

When we were offered it I am confident that it was an attempt to reduce the administrators' fees.

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Replying to RuthA:
AS
By AS
07th Jun 2024 10:23

A good administrator will take care of the returns. You can do the bookkeeping up to TB stage to minimise the administrator's fees.

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