Transfer SSAS to PRSA

Hi cremeegg,

I'm sorry to hear of this mess. As presented, this is a disaster. Depending on the extent of the shekels involved, a complete disaster. It will not get resolved by moving deckchairs. It is not acceptable that this issue is only being advised to you now (if that's the case).

What have the fees in the SSAS been all along and to whom?

If it was me, I'd say to the broker that he needs to resolve this. It's either his fault, the trustees fault or some level joint culpability between them. I'd let the broker know that if he is unable to provide, in a timely manner, a reasonable pathway to resolution, you will be instructing a solicitor.

For the solicitor - go to a large practice with a specialist pensions department who do not have a conflict of interest. In my opinion, the law is on your side unless the info that you have provided is incomplete.
 
Update. The broker has suggested, on the phone not in writing, that I transfer €500 personally to the pension. 'XXX will never know where it came from'.

The sound you hear is me tearing my hair out !
 
I was aware that I had an online account with XXX but I had never looked at it. There was just money in a bank account, nothing of interest, I thought.

I opened it just now and I see a 'client cover letter' was issued each year. I never received these letters by post or email but they were put in this online account.

They contain the line.

"To-date no funds have been lodged in a scheme bank account so the report shows a nil balance for contributions. When a nil annual report is sent to the Revenue Commissioners they require an explanation, or approval for the scheme may be withdrawn. We strongly advise that you make a contribution to the scheme as soon as possible."
 
cremeegg said:
Update. The broker has suggested, on the phone not in writing, that I transfer €500 personally to the pension. 'XXX will never know where it came from'.

The sound you hear is me tearing my hair out !
Click to expand...
Get a different broker. Complete nonsense you will be first asked to confirm the source and status of the contribution.

Believe it or not revenue match employer contributions on pension accounts to the corporate financial statements.
 
were any of the SSAS fees paid by the employer or were they all deducted from the fund?

Is it too late for you to lend money to the company to make the contribution, or is that even possible?
 
Oisin19 said:
were any of the SSAS fees paid by the employer or were they all deducted from the fund?

Is it too late for you to lend money to the company to make the contribution, or is that even possible?
Click to expand...
The fees were all deducted from the fund.

The company can make a contribution, however the plan was that the company be wound up after a 2022 audit. If the company makes a contribution, a 2023 audit and fee will be required.

It looks increasing likely that I will just have to swallow this.
 
I don't think I'd go down without a fight because in fairness to you, your only fault is that you didn't read the note from the trustee you quote in post 23 above. So perhaps you must accept some of the responsibility. But in your shoes, I'd also be seeking answers from both the trustee and your broker.

  • Did the trustee tell Revenue that a contribution had been made or was imminent, in order to obtain Revenue approval? You could ask to see what information the trustee provided to Revenue as part of the Revenue approval application.
  • Why did the trustee accept the transfers in, when they knew that no contribution had been made and that the scheme was therefore offside in terms of Revenue approval?
  • Why did your broker not explain to you that your company must make a meaningful contribution or run the risk of this happening?
Unlike @Robzig above, I wouldn't be instructing a solicitor - yet. There are several other avenues of complaint you can exhaust first and they cost you nothing but your time. A specialist solicitor will want to be paid a specialist solicitor fee.

But if the trustee and/or your broker admit that they have served you badly, they might be willing to make a contribution towards your 2023 audit fee rather than dealing with a formal complaint process.
 
XXX have replied with a copy of the letter from Revenue approving the scheme, it is date from the time the SSAS was set up. It includes the line
'This approval ... will be conditional on compliance with paragraphs 2 and 4 of part 1, schedule 23 Taxes Consolidation Act , 1997'

as far as I can see that part of the Act says

'furnish to the inspector a return containing such particulars of contributions paid under the scheme as the notice may require;'

The most recent letter Client Cover letter on their website, from 2022 says 'The Revenue Commissioners have advised us that we are due to submit a funding review for the scheme'
 
Update and further frustration

The contribution was made from the company and now a 2023 audit will be required.

The pension has been transferred to A well know Life and Pensions Company who have sent me documentation just today

The statement of reasonable projection under ‘level of benefits to be reasonably expected' it says ‘an income for life commencing at age 65 of €0.00’. I kid you not.

While in a sense this is amusing, it is hardly reassuring as to their attention to detail.


On the ‘Contract Schedule’ it says the investment is in Euro Eq ESG Passive Fund S1 and Cantor Fitz MAF 50 Series1. Page 3 of the statement of reasonable projection lists the fees associated with a number of funds, but neither of these funds is included.

The ‘Contract Schedule’ also suggests that the charge I am paying is 1.18%. Which is higher than any fund charge of those which are shown.

Can anyone tell me if this is a reasonable fee or if I should look for better.

The transfer value of the one off contribution, a little over €100,000 was 100%, is this reasonable ?
 
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