Comparison of charges for various SSAS providers


Most SSAS providers charge using either a 'fees-based' or a 'time-cost' menu. Our simple, annual fee structure, with no hidden charges, is far more transparent and much better value.

The tables below show costs for a typical two-member SSAS; most SSAS providers would charge extra for the additional member, but not SSAS Practitioner.com! The Tables compare our charges with those of two traditional, but typical, 'fees-based' SSAS providers (who shall remain anonymous).  Both are major players in the SSAS market.

All fees are exclude VAT.

Table 1

       Provider 1           Provider 2       SSAS Practitioner.com
SSAS Take-over Costs    £700  £500  £nil
SSAS Set-up Costs  £700  £950  £nil
 Annual Administration Fees  £980  £980  £945

 

As soon as you start to use your SSAS to its full potential our fees become even better value. Table 2 shows fees and costs for the same two-member SSAS, but including property purchase (e.g. valued at £100,000), borrowing, transferring in another policy, reviewing a pension income limit, making a death claim, producing a scheme valuation, and making contributions and a loanback, in the same year.

Table 2

                 

 Provider 1              

Provider 2 SSAS Practitioner.com     
Annual Administration Fees  £980  £950  £945
Property Purchase Costs  £800

 £1,000 (1% value)

£nil 
Borrowing Costs  £250 £extra, not disclosed  £nil 
Loanback Costs  £500  £extra, not disclosed  £nil
Contribution Costs  £60 £nil  £nil
DPA & Pensions Regulator Fees  £68 £68  £nil 
Transfer in of Other Policies (x1)  £nil £50  £nil 

Reviewing Capped Drawdown pre-April 2015 Pension Income limits (x1)

 £nil £150  £nil 
Death Claim (x1)  £nil £500 £nil
Scheme Valuation  £nil £100  £nil 
       
TOTAL  £2,658 £2,818 + loanback and borrowing costs   £945

 

None of the total costs shown include external solicitors costs.

Most providers charge extra via their 'fees menu' for activities we consider essential to the running of a SSAS, and therefore are included in our £945 + VAT annual fee.  These activities include:

Transfers In, Investment Transactions, Pension Drawdown, Reviewing Drawdown, producing Scheme Valuations, Annuity Purchase & Death Claims.

Does your current provider charge extra for any of the above?

Although considerably more expensive than SSAS Practitioner.com, the traditional SSAS providers shown above at least confirm their applicable fees in advance. Other providers charge on an opaque 'time-cost' basis making a comparison impossible.   Is your current provider one of those?

We believe that fees should be open and transparent.

Use our calculator to demonstrate the Effect of excessive charges - see how the high costs of our rivals eat into your hard-earned retirement fund.

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