It has been a long time coming, but finally registration times for SSAS schemes have been dramatically reduced.
There have always been many benefits for business owners when it comes to setting up a SSAS pension. However, the length of the process has always been a drawback. It was normal for the scheme to take around 6 months to finalise.
This has changed since the new platform, Manage Pension Schemes, went live at HMRC.
In our experience, schemes are now taking only 4-5 weeks to register, then a further 2 weeks to open a bank account for the SSAS after registration. This means the whole process can take only 6-8 weeks before the scheme is ready to make the first transaction.
If the long timescale was a reason to discount a SSAS pension in the past, now is a good time to reconsider.