The Pensions Regulator has suggested that a ban on the establishment of any new SSAS arrangements should be considered - https://blog.thepensionsregulator.gov.uk/2017/02/14/helping-trustees-stop-scams-why-we-need-a-safe-scheme-list-and-a-ssas-transfer-ban/
Tom Selby, senior analyst at AJ Bell, comments:
“We agree that stricter controls should be placed around SSASs to protect savers from scammers, but The Pensions Regulator’s extreme recommendations risk throwing the baby out with the bathwater.
“There is nothing inherently wrong with a SSAS as a product and for many business owners, particularly where there are multiple people involved, they offer a level of flexibility and control that cannot be found in any other type of pension.
“The focus needs to be on ensuring there are appropriate controls and governance arrangements in place to ensure SSASs cannot be abused by scammers.
“Rather than destroying a legitimate pension savings vehicle that is used appropriately by many UK businesses, the Government should reintroduce mandatory professional trustees for SSASs. This would make it very difficult for criminals to abuse the SSAS structure to facilitate pension scams and would protect savers without taking the draconian and ill-considered measure proposed by the Pension Regulator.”