Link investor

2022 Business Forecast: Martin Tilley, Director, WestBridge SSAS

It’s that time of year when Business Link Magazine invites local business leaders to deliver their forecasts for the coming year.

It’s become something of a tradition, given that we’ve been doing it now for over 30 years.

Here we talk to pension expert, Martin Tilley, director of WestBridge SSAS.

As a long-time supporter of the Small Self-Administered Scheme, my predictions for the industry in 2022 refer to the latest transfer regulations and their impact on this small sector of the pensions market.

Retirement scams continue to make industry and national headlines, so it’s no surprise that Her Majesty’s Government felt the need to consult and then publish new measures to prevent the transfer. of an individual’s retirement assets in vehicles that the ceding scheme considered to be, or at least potentially scams. I therefore predict painful times ahead for people wishing to transfer their pensions to new schemes.

Especially since transfer systems are now able to determine or interpret their own criteria for flagging a transfer as “orange” and thus triggering a referral to the government’s MoneyHelper service. Potential orange or even red flag triggers can be ‘high risk investments’, defined simply as ‘high end of the normal range of risk in today’s financial market’ for example, therefore I predict this service could soon be inundated with referral requests.

I doubt very much that a transfer system would want to devote the time necessary to a thorough analysis of such a transfer in order to be able to make an informed and sensible decision. With the emphasis likely on caution, raising a flag will become the default rule to the likely detriment of many legitimate transfers to SSAS, and small business entrepreneurs will be prevented from being enterprising as this bureaucracy will prevent this.

Perhaps the important point to raise here is that if you want to use an SSAS at some point in the future, it’s best to set it up as soon as possible, as potential save and transfer delays could mean that as soon as on the first day, the SSAS is not effectively usable for maybe 6 months.