DIY SSAS (for P2P)

[minstrel]

My other challenge has been in opening a bank account for the pension - I have been turned down by RBS and Metro Bank due to not having a professional adviser. They said to try my supplier of business banking, which I am currently trying

This is the problem I found too. Banks are wary of opening accounts for pension funds without a independent professional authorising the transactions. This is possibly not totally unreasonable given the high profile business owners that have raided company pension pots in recent years.

Ssaspractioner have a relationship with Cater Allen. It's a bit old school as they need countersigned letters of authority for every transaction, but it's actually not too bad a process when you get used to it and can all be done over email.

Ssaspractitioner will work with any bank though, but it wouldn't surprise me if they are all fairly manual processes as it's quite a niche area.

[KIKPOP99]

This is the problem I found too. Banks are wary of opening accounts for pension funds without a independent professional authorising the transactions. This is possibly not totally unreasonable given the high profile business owners that have raided company pension pots in recent years.

Ssaspractioner have a relationship with Cater Allen. It's a bit old school as they need countersigned letters of authority for every transaction, but it's actually not too bad a process when you get used to it and can all be done over email.

Ssaspractitioner will work with any bank though, but it wouldn't surprise me if they are all fairly manual processes as it's quite a niche area.

I have successfully opened my account with SSASPractitioner and Barclays Bank. I was just about to place a large amount of my funds with CollateralUK but they went into administration last week! Can you recommend your prefered P2P platform and also the one paying the best interest other than Lendy (upto 12%). Thanks in advance

[northernladuk]

I was just about to place a large amount of my funds with CollateralUK but they went into administration last week!

That alone would tell me stumbling around asking random strangers isn't enough and push me to do it properly through a professional.

[KIKPOP99]

That alone would tell me stumbling around asking random strangers isn't enough and push me to do it properly through a professional.

I would assume that the poster making a recommendation here would be doing it through having good experience and product knowledge. Besides, I would obviously do my own research before investing. Also, many of the 'professionals' are not allowed to give advice or recommendations anyway! I was initially going to open my SSAS through SIPPClub but I'm glad I didn't as I'm now saving around £500pa with SSASPractitioner. It's just a matter of finding a good P2P platform that will accept a SSAS investment.