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Approved Pensioneer Trustees Listed on Web
by Ian Neale 11/04/2001    Printer-friendly version of this page

Every Small Self-Administered Pension Scheme (SSAS) must have a pensioneer trustee. Today IRSPSS (the PSO, as was) published their official list of approved pensioneer trustees. Perhaps surprisingly, the majority apparently do not belong to the relevant professional body, the Association of Pensioneer Trustees.

The pensioneer trustee's job used to be officially limited to ensuring that the directors of the company didn't try to wind up the scheme illegally, in order to get their hands on the assets. Under new and more stringent requirements announced in PSO Update No. 69 (29 August 2000), the pensioneer trustee must now be a co-signatory of scheme bank accounts, transfer payments, refunds, lump sum benefit and other non-regular payments, and by 29 August 2001, additionally must be registered as a co-owner of scheme assets (except loans, insurance policies, annuity contracts and borrowings, where these were made before 1 October 2000).

IRSPSS closely monitor pensioneer trustees, whose duty it is to ensure that all the special rules governing SSASs are observed, and indeed report any deliberate breaches to IRSPSS. If such misbehaviour occurs, however, it is difficult for the pensioneer trustee to either quit or be removed by the other trustees, because a replacement must be lined up first (which is where the list will come in handy). The pensioneer trustee must also inform IRSPSS immediately of what has happened. The only exception to the immediate replacement rule is if the pensioneer trustee dies, loses IRSPSS authorisation, acts in a fraudulent manner, or is removed by court order. In these cases, a new pensioneer trustee must be appointed within 30 days.

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