The role of a scheme administrator

Looking to set up a registered pension scheme and want to know what is required of a scheme administrator of a SSAS? Or thinking of changing your scheme administrator or becoming sole scheme administrator of your SSAS? A clear understanding of what the role requires is essential.

What is a scheme administrator?

The term “scheme administrator” is more than a reference to the person carrying out the day to day administration of a registered pension scheme. It is a role defined in legislation and with it comes certain responsibilities and liabilities. A clear understanding of the scheme administrator’s responsibilities, the requirements and the knowledge needed to carry out the role is essential.

Our concise guide provides a summary of the core duties of a scheme administrator and the type of information that must be monitored and reported to HM Revenue and Customs. It also covers the penalties a scheme administrator could be liable if they fail to carry out their duties or the registered pension scheme fails to comply with HMRC requirements.