Responsibilities of the SSAS Trustee
The basic duty of a trustee is to act honestly, prudently and in the best interests of the people who can benefit from the trust (the beneficiaries). In the case of a single member SSAS then the trustee and the beneficiary are the same person, so the trustee responsibilities are less onerous than is the case for schemes with multiple members.
The primary responsibilities of a SSAS trustee are: –
- to ensure that the SSAS is properly administered and to maintain appropriate scheme records (this role is delegated to Cantwell Grove as scheme administrator).
- to act in accordance with the Trust Deed and Rules.
- to decide how to invest the SSAS fund and exercise reasonable skill and care when doing so.
- to take advice from an appropriately qualified person before making an investment decision.
to report any breaches of law to the Pensions Regulator where there is reasonable cause to believe that a legal duty relevant to the administration of the SSAS is not being complied with.
A trustee of a SSAS is not required to have specific knowledge and understanding of pensions and trust law, however, the Trust Deed and Rules should be reviewed and a copy retained.