Subject: Fwd: Follow Up
From: Emily McAlister <[email-masked]>
To: Vikki Whitby <[email-masked]>
Date: Mon, 6 Dec 2021 12:21:32 +0100

---------- Forwarded message ---------
From: Gavin <[email-masked]>
Date: Wed, 23 Jun 2021 at 16:41
Subject: Re: Follow Up
To: Michael <[email-masked]>
Cc: Emily McAlister <[email-masked]>, gavin mccloskey
<[email-masked]>

Dear Michael,
Many thanks for your email and apologies for missing your call yesterday.
I think it would be of benefit to you to appoint an alternative SSAS
administrator, or to wind up this pension scheme and move your funds to an
alternative arrangement, such as a SIPP.
The outstanding issue you have before a wind up is undertaken, is that you
have loans due to the pension scheme from the Company.   If the Company
cannot repay the loans back, then to protect your pension scheme's tax
position you need to wind up your company, Tech Step and repay the pension
scheme as a secured creditor. Any shortfall in the wind up would therefore
be treated as an investment loss to your pension scheme. You can then
transfer the proceeds of cash to  an alternative pension scheme.
If this is not an option, given the breakdown in our relationship with you,
I do feel that another SSAS provider such as SSAS Practitioner could
replace our scheme administration service. You can, of course, takeover the
tax reporting and administration of the pension scheme yourself, but you
will need to open a pension scheme bank account as the AIB account would
need to be closed once we resign. Perhaps your own bankers can help you
with this.
Please let us know your preferred option and we will progress accordingly.
Can you kindly copy Emily in on your response as she can make sure that
your instructions are promptly followed up.
Gavin

Pension Practitioner

T:  0800 634 4862
F:  020 8906 6611

Administration Centre: Venture Wales, Pentrebach. Merthyr Tydfil. CF48 4DR
Pension Practitioner is a tradestyle of The Practitioners Partnership LP
Registered Number: 00159
Registered Office: 1st Floor, World Trade Centre, Baytree Road, Gibraltar
GX11 1AA

IMPORTANT - PLEASE NOTE The information transmitted is intended only for
the person or entity to which it is addressed and may contain confidential
and/or privileged material. Any review, retransmission, dissemination or
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On Wed, 24 Feb 2021 at 19:08, Gavin <[email-masked]> wrote:

> Hi Michael,
> Many thanks for your email and my apologies for the delay with my reply.
> Firstly, it has taken a little while to go through everything.
>
> The issues on your pension scheme go back some way and on our part as the
> pension scheme loans were defaulted upon and there was no response on
> correcting these loans on your side we have simply ensured  to maintain the
> scheme tax exempt status with HMRC. In the absence of any repayment plans
> being maintained, we have simply carried out the minimum levels of work
> needed for your pension fund and this is perhaps where things have fallen
> down. This lack of engagement with you has been poor on our part and I am
> sorry for this.
>
> In respect of costs, we charge a fixed fee for pension scheme business to
> ensure that clients tax returns are maintained. The annual charge that you
> have been applied with covers maintenance of the pension scheme with HMRC
> and providing all statutory filing for provision of pension scheme returns.
>
> Given that the scheme is light touch and the difficulties there have been
> with loan repayments, we have ensured that you have had no increases in
> your annual administration charge and are paying lower than any other
> client with a pension scheme loan in this practice. In addition, you are
> broadly paying the same administration charges for the last 9 years. To put
> this into perspective, business costs have risen by around 23% since that
> time.
>
> In respect of the relationships between the practice areas, our Gibraltar
> practice provides tax reporting duties as scheme practitioner for you and
> hundreds of other pension trustees and our UK practice maintains vam
> banking and account management services. It has worked this way for a
> number of years and is fully tax compliant.
>
> In respect of the ability to deduct payments from the pension scheme
> account, the vam banking with AIB prevents the debit of transactions from
> the trustees account, however scheme administration charges set out in the
> administration services agreement permit us to debit the trustees account
> for the deduction of the annual administration fee unless the trustees have
> in place an alternative arrangement. If you do not have the services
> agreement, I can send a copy to you.
>
> Going forward, I would like to propose a solution for you. It could be
> helpful if we set you up with online access to all your scheme documents,
> plus your pension scheme banking and also we will issue a credit note as a
> goodwill gesture for the forthcoming year for your annual administration.
>
> This way, you will get back the control you need, have access to your tax
> returns, accounts and banking for your fund. If we can provide you with a
> better, more hands on, and online service perhaps we can use 2021 as a
> fresh start and get this pension fund working better for you. The credit
> note will also help you keep more of your money for 2021.
>
> Please let me know if this works for you and once again, I am truly sorry
> for letting you down. Hopefully, my suggestions will make things right and
> do please let me know if you wish me to put the wheels in motion on this.
> Kind regards
> Gavin
>
>
> Pension Practitioner
>
> T:  0800 634 4862
> F:  020 8906 6611
>
> Administration Centre: Venture Wales, Pentrebach. Merthyr Tydfil. CF48 4DR
> Pension Practitioner is a tradestyle of The Practitioners Partnership LP
> Registered Number: 00159
> Registered Office: 1st Floor, World Trade Centre, Baytree Road, Gibraltar
> GX11 1AA
>
> IMPORTANT - PLEASE NOTE The information transmitted is intended only for
> the person or entity to which it is addressed and may contain confidential
> and/or privileged material. Any review, retransmission, dissemination or
> other use of or taking of any action in reliance upon this information by
> persons or entities other than the intended recipient is prohibited. If you
> received this in error please contact the sender and destroy this email.
>
>
>

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