SSAS for PAYE employee / Employer liability.

J

jcount

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A PAYE worker looking to setup a Small Self Administered Pension Scheme (SSAS) must get a director of the company they work for to agree to and sign the trust document. This is required so that the trustee company can apply for revenue approval of the scheme.

The director would need to be completely satisfied with what they are signing to ensure the company is not liable for anything in the future. These trust documents are not an easy read.

Generally speaking, what is a company agreeing to when signing such a trust document?
 
Don't do it.

The Pensions Board are threatening to fine trustees for not participating in training programmes etc.

You are obliged to make a facility available to the employee to operate a PRSA. Don't go beyond that.

Brendan
 
I am the actual PAYE worker.

As far as I know, when an employer agrees to setup a SART for an employee. The Trustees of the SART will be the employee and the trustee company, removing your employer's responsibility. They are no longer a trustee.
 
I would ask the employee to give me a large fee with which to get a legal opinion on the document.

Employers have so much administration and paperwork to contend with, that they do not need an extra headache like this.

In my experience, putting your signature on a document usually is a serious matter.

Brendan
 
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