Responsibilities of the SSAS Trustee
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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.
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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.