Small self-administered scheme providers see surge

Premier Pension Services has seen increases in activity in relation to SSAS structures at a time when small business owners struggle to gain credit for their businesses from traditional sources because of the squeeze on credit.

Nigel Manley, head of self invested pensions, Premier Pension Services, says “Although the SSAS takeover market has always been relatively active amongst providers, this has historically been driven by service issues and/or costs.

We would put the recent increase in SSAS volumes down to the rule changes in 2006 and the subsequent refusal by some existing providers to decline the key role of pension administrator. When this is then coupled with a number of providers, most notably insurers deciding this business is no longer ‘core’ we have a situation in which service standards and client support decline”.