The 25th Anniversary Henry Stewart Briefing on

SSAS
Small Self-administered Pension Arrangements

 

Chair:

John Bradley
Partner
John Bradley Financial Services
Chairman
Association of Pensioneer Trustees

Speakers:

Ian Davies
Pensions Partner
Eversheds LLP
Pensioneer Trustee

Ian Hammond
Managing Director and Actuary
James Hay Consultancy

John Hayward
Pension Consultant

David Phillips
Director
D A Phillips & Co Ltd

Stewart Ritchie OBE
Director (Pensions Development)
Scottish Equitable plc

David Seaton
Director of Consultancy
James Hay Consultancy

Les Shaw
Customer Relations and Learning Team Leader
Inland Revenue APSS

Adrian Waddingham
Partner
Barnett Waddingham Consulting Actuaries
Chairman
Association of Consulting Actuaries

Hugh Wood
Director
Legal & Professional Independent Financial Services Ltd
Director
Spanish Premier Properties Ltd

Panel Guests:

Jean-Christophe Bouchard
Real Property and
Transactional Tax Partner
Franklin, Paris

Andy Cairns
Technical Team
Inland Revenue APSS

Martyn Rounding
Head of Technical Team
Inland Revenue APSS

 

THE REAL STATE OF THE PENSIONS INDUSTRY TODAY
• Where have we got to in relations with:
- the Inland Revenue
- the Department for Work and Pensions
• What impact does this have on the pensions sector overall?
• What are the implications for SSAS?
• Public confidence and engagement in pensions and SSAS
• Opportunities and threats for Trustees/Administrators after A-day
Ian Hammond
Managing Director and Actuary
James Hay Consultancy

LATEST GUIDANCE FROM THE INLAND REVENUE
• Finance Act 2004
- how the Inland Revenue will operate: an informative and practical update on secondary legislation
- e-line registration
- form filling
• Inland Revenue treatment of new situations eg:
- Inheritance Tax on death in alternatively secured pensions
- unauthorised payments and tax consequences eg property: UK residential, including buy-to-let
Les Shaw
Customer Relations and
Learning Team Leader
Inland Revenue APSS

THE NEW TAX REGIME
• SSAS under the new regime
- merits of SSAS after A-day (SSAS v SIPP/other pension products)
• Is there a role for Pensioneer Trustees in the future? If so, what is the role, and what will the market be for Trustee services?
• Inland Revenue/Association of Pensioneer Trustee discussions
• Unresolved problem areas
• Primary and enhanced protection options
• Tax planning opportunities
• Non-income producing products eg wine, art, classic cars
- what can and can’t be included? What can and can’t be done with them?
- where should advisers turn for expert advice?
- what information needs to be communicated to clients?
David Phillips
Director
D A Phillips & Co Ltd

SIMPLIFICATION OR OVERKILL?
• The industry’s perspective
• Opportunities and threats for providers after A-day
• Is 13 months enough time?
• Europe
• The role of Actuaries after A-day
Stewart Ritchie OBE
Director (Pensions Development)
Scottish Equitable plc

TAX IMPLICATIONS OF BUYING PROPERTY ABROAD
• Foreign residential property
• Sourcing property abroad
• Pitfalls to watch out for
• Tax implications and tax breaks
• Legal problems
Hugh Wood
Director
Legal & Professional Independent Financial Services Ltd
Director
Spanish Premier Properties Ltd

DEMISE OF THE SOLE PURPOSE TEST
• What the Inland Revenue has put in its place
• Are there any loopholes?
• Disclosure of tax and VAT avoidance
• Loan backs
• The new tax changes
John Hayward
Pension Consultant

PAYMENT OF UNSECURED PENSIONS
• Tax implications
• Asset liability matching and investment strategies
• Distribution of death benefits
David Seaton
Director of Consultancy
James Hay Consultancy

EFRBS (formerly FURBS)
• How the new regime differs
• Will existing FURBS wind up?
• National Insurance on contributions
• Will anyone use the new EFRBS?
Adrian Waddingham
Partner
Barnett Waddingham Consulting Actuaries
Chairman
Association of Consulting Actuaries

PENSIONS ACT 2004: THE LEGAL ASPECTS FOR SSAS
• Pensioneer Trustee to remain a Trustee?
- if so, what protections are needed?
- liability for Revenue assessments?
• Finance Act 2004:
- which changes are overriding?
- can the new rules on investment be utilised without a deed of amendment?
• Documentation:
- what will scheme documentation look like post A-day?
- deed of amendment or completely new document?
Ian Davies
Pensions Partner
Eversheds LLP
Pensioneer Trustee