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SSAS Scheme Wind Up to a S32 transfer

Colin1980Colin1980 Member
in Technical stuff

Morning everyone,

Looking for some assistance if possible as have never done this before.

I am looking to instruct a SSAS scheme wind up with a provider which is fine as I will be finding out their process for this. We are transferring this to a new S32 to preserve protected tax free cash.

What should I have on file for this for compliance and research?
I have full scheme information and confirmation of the protected tax free cash with the provider.
I will be carrying out a cost comparison and obtain illustrations.

Cant think what else?

Thanks

Colin

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Comments

  • NorthfaceNorthface Member

    Hi Colin

    have you chosen a Provider for this? OMW and Transact from memory can do it. You will need all the relevant wind up docs and the scheme administrator will need to complete, this can get messy if the member is the scheme administrator if not then it can be a relatively straightforward process that the contents of the SIPP bank account pay the transfer to the new plan. If there is more than 1 member you can transfer to a SIPP or PP and preserve PCLS. There are rules around 'buddy' transfers which you will need to bear in mind. The ceding scheme administrator will confirm the A day values to the new scheme, having an up to date figure is also very useful (guess you have this).

    Good luck.

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  • Colin1980Colin1980 Member

    Hi, that's great thank you!
    At the moment I am compiling costs and investment options between Sanlam, Transact and OMW. Thankfully, there is only one member so wouldnt come under the buddy transfer rules.

    Thanks again :@)

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