of the lender. Even if no changes to the terms of the loan are imposed there may be at the least an admin fee to facilitate the change. It is important that the costs of a takeover are understood at outset and for this reason for the adviser to be able to give as accurate a picture of the scheme to any new professional trustee so that best estimates of costs can be given.
In return the client will have the reassurance that the scheme is in good hands and that fines and penalties should be avoided.
A professional trustee is also likely to pick up any newly proposed inappropriate investments that the lay trustee or member might otherwise entertain, the failures of which have been the subject of recent industry press.
So advisers should not shy away from SSASs but rather see them as an opportunity to add real value to their clients and their businesses.
David Fox is director of sales and marketing at Dentons Pension Management
