SSAS and SIPP Schemes

SSAS (Small Self-Administered Schemes) and SIPP (Self-Invested Pension Plans) are group schemes that may include a number of individual pensions, property and other investments. The individual plans and property may be owned in different proportions by the various members of the scheme (e.g. for example where the members are Fred, Harry and Joe, and where Fred and Harry each own half of a property, while all three members own a third of a pension scheme). These schemes are typically run by a professional trustee (e.g. a solicitor or accountant) and are sponsored by the members’ company (see Groups, Businesses & Employees).

To set-up a SSAS or SIPP in Durell first enter all the individual members (typically in the “Clients, Individual” address set) and all of the pension policies, investments and property records that are to be included (see also “Investments, Property”). To prevent duplication in the valuation report you are recommended to enter these policies as if they were owned by the sponsoring company (n.b. in Durell you can group together any policies, even if they’re owned by different address set records). If you subsequently want to reallocate them (e.g. from the individual to the company, or vice versa) just click the “Signpost” button on the scrolling list of all policies, and select the option “Policies / Change policy holder”, as shown below…

Now create the product type for the SSAS or SIPP (see Set-up, Products), as shown below. If there’s no insurer involved you should create an insurance company called “NONE” in your Life and Investment Companies address set (see Set-up, Insurers, General & Life) and select that.

Then create the SSAS or SIPP policy record as normal, selecting the professional trustee (see Life, In Trust).

To set-up the “Member Trustees” click the “Add” button at the bottom of the screen (n.b. if necessary you can also use the “New” button on the “Add Member” pop-up to create new members), as shown below…

After you’ve added all of the members, click the “Edit policy allocations” button, which will activate the “Member Allocation” pop-up, where you should click the “Add” button to locate existing policies to link to the SSAS or SIPP group header, as shown below…

The Member Allocation pop-up you eventually include all policies involved in the SSAS or SIPP in the top box, with all the scheme members in the bottom box. Now…

• Click on the first policy in the “Policies linked…” box
• Double-click the first member, in the list below, who owns part or all of it
• Enter the percentage owned in the “Member allocation %” field, as shown below
• Click “OK”
• Repeat for all the members owning this policy
• Select the next policy in the list and repeat the above process till they’ve all been fully allocated
• Click “Close”
• On returning to the SSAS or SIPP screen click the “Recalculate values” button

Subsequently, when you produce a valuation for an individual member only his allocations will appear in his valuation report, whereas 100% of the linked policies and properties will appear in the valuation for the sponsoring company (see Investments, Revaluation and Investments, Reports).