Free trustee training
Module 3: How the fund works
Lesson 1: Contributions in
Lesson 2: Transfers in
Lesson 3: How the fund is divided
Lesson 4: Why the split matters
Lesson 5: Taking benefits
Lesson 6: Death benefits and wind-up
Check what’s stuck
A few questions on this module. There is no pass or fail — they are just for you.
1. The sponsoring employer makes a contribution for a member. Whose job is it to accept it and record whose it is?
- The trustees
- The scheme administrator alone
- The company's accountant
Show answer
The trustees
2. Why can a transfer in take longer than the member expects?
- The receiving trustees have to wait for HMRC's approval
- The scheme releasing the money has checks to make, and its duties are to the member
- Transfers can only go through at the end of the tax year
Show answer
The scheme releasing the money has checks to make, and its duties are to the member
3. How is a SSAS fund divided between its members?
- Into separate pots, one for each member
- Equally, however much has gone in for each
- Into shares, each a proportion of the whole fund
Show answer
Into shares, each a proportion of the whole fund
4. A contribution goes in for one member only. What happens to the other members' percentages?
- They go down, though the value of their shares stays the same
- They stay exactly the same
- They go up
Show answer
They go down, though the value of their shares stays the same
5. When a member comes to take benefits, what most often catches a scheme out?
- Working out the member's share
- Having enough cash available when it's needed
- Finding the member's original paperwork
Show answer
Having enough cash available when it's needed
6. When a member dies, who decides where their share goes?
- Their executors, under the terms of their will
- The scheme administrator
- The trustees, guided by the member's expression of wish but not bound by it
Show answer
The trustees, guided by the member's expression of wish but not bound by it