Please see below information in relation to your ITC Small Self-Administered Scheme (SSAS).
Background
Following the introduction of IORP II, Independent Trustee Company Ltd (ITC) worked extensively with financial advisors and clients to wind up and transfer all SSASs that were established on or after the 22nd April 2021, to alternative pension arrangements. We did this as the ongoing costs to clients in maintaining a SSAS in a manner consistent with the Pensions Authority regulations and expectations was going to be unfeasible.
What is changing now?
We will cease providing trustee and administration services for SSASs at the end of 2025. Whilst there is a derogation given to all schemes established before the 22nd April 2021 until April 2026, given the volume of schemes and assets held in these schemes, we need to start acting now to ensure schemes are fully transferred ahead of the deadline.
We will be applying an additional administration charge of €900 plus VAT to all SSAS renewals after 1st July 2024. What this means is that if the SSAS renewal date is the 31st March 2024, then the additional charge will only apply to that SSAS if it is still in existence at the end of March 2025. Therefore, the first affected renewal dates will be those on the 31st July 2024.
How we are here to help
Our PRSA (Personal Retirement Savings Account), BOB (Buy-Out Bond) & ARF (Approved Retirement Fund) offerings continue to operate as normal, and can take across the assets from your SSAS, where you can then continue to invest. New contributions can also be made to a PRSA if established.
We have spent the past year investing in infrastructure to ensure that you and your advisor have the smoothest possible migration journey. We now have a fully trained and resourced Switching Team in place, we have added additional resources to our New Business Team, and we have developed software for our PRSA, BOB and ARF to minimise the steps in moving between our pension structures.
Moving Forward
Our Switching Team are ready to guide and assist you and your advisor at every step of this migration, so each SSAS transfer can be managed to suit you. We’d recommend that you speak to your financial advisor to plan the next steps for your SSAS transfer.
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