PRIVATE & CONFIDENTIAL 
Mr Peter Lofts
Metro Waste (London) Limited 
Stewarts Lane Depot
Silverthorn Road
London
SW8 3HW

									Date: 16 March 2007 
Dear Peter,

SSAS Services 

It was nice to meet with you and Jimmy on Wednesday to discuss your pension requirements. I set out below a brief summary of the points we covered by way of a written record for you both. 

A small self administered scheme (SSAS) is an employer sponsored pension scheme, as such it is established by Metro Waste (London) Limited. It invites whom it chooses to become members and also appoints the trustees. The contributions can be from the Company, the members or a third party. All investments are held in your names, albeit as trustees of the scheme. You solely make the investment choices, but you can delegate this if you choose. The scheme can borrow, lend, transact with each of you as individuals and with the Company, albeit on arms length terms. The guide I provided to you sets out those rules, it also contains details on benefits payable and how the scheme generally operates.  

As part of the set up process, an administrator must be appointed. They are responsible for the payment of any taxes due from the scheme. The administrator duties but not the legal liability, is delegated to us as a registered HMRC Pension Practitioner. My role is to fulfil all the administration duties to ensure that your scheme remains tax exempt. 

The cost to set up the SSAS amounts to £700 plus VAT, the annual administration charge is the same and both are payable annually in advance. You will have to make an annual payment for £24.00 to the pension scheme registry.  As advised, we do not charge for telephone calls, emails and general advice. Also, if you have some ideas that you wish to run by me or wish to get together to discuss these, I am more than happy to help you.  
The areas where the annual administration charge cannot cover will be on special projects, such as the set up and payment of scheme retirement benefits or the purchase of property.