How it started and how it’s going

Morhart Pension Services Ltd was established in March 2021. As Morhart has just had its first birthday, now feels like a good time to provide an insight into how we got here and what the future holds.

Why Morhart

The Morhart team have all worked in the UK pensions industry for many years. When it comes to the SSAS market, customer service is key (as it should be) because each SSAS is unique. By customer service we mean direct contact with customers and fellow trustees, providing support and often resolving complex issues concerning commercial property transactions or payment of various benefits from the scheme.

The plan was to start a company that was available to our customers and focused on what matters to them which is good service at the point of request.

How it started

Around 18 months ago, a former colleague and long-term friend contacted me with the idea to start a business specialising in managing Small Self-Administered Pension Schemes (SSASs). Add to the mix two other former colleagues and we had a strong starting team.

Our team have all been in the self-invested pensions industry for many years and all bring something different to the table. Together, with our varied experience and skills, all aspects of pension administration, systems and infrastructure are covered.

Steve G and I have the technical knowledge and expertise in all matters of SSAS. Over the years, we worked with a lot of SSAS clients and dealt with all manner of investments (allowable only!) from commercial property to SSAS loans. As no two SSASs are the same, we covered all aspects of helping clients plan for their retirement and ensuring that their hopes and dreams for the SSAS meet HMRC legislation.

Steve H and Kris took a SIPP and SSAS provider from inception in 2009 to AIM listing in 2015 so understand what’s involved with starting and running a business and all that entails.

Our aim was to build a SSAS business that would be attractive to clients and would be sustainable.

The SSAS market

In recent years, SSASs have played second fiddle to SIPPs. Although similar, there are some valuable benefits of a SSAS over a SIPP.  SSASs have been about since the ‘70s but I’m often surprised by the number of potential clients who have either never heard of a SSAS or don’t understand or appreciate how useful they can be. From buying commercial property or shares to making a secure loan in a tax-free environment, a SSAS can really help a business grow.

Governments have come and gone and rules have changed but the fundamentals of a SSAS have largely remained the same. They are flexible, cost effective, and provide a useful tool for clients who want to make their pensions savings work for them and their business, whilst at the same time building a fund for their later years.

How it’s going

Morhart’s infrastructure has been built from scratch which was always going to be challenging and it has been. Looking back there have also been many small goals and ‘firsts’ which have been achieved, including:

• Building our brand.
• Launching the website
• Moving into our first office
• Our first clients
• Lots of other firsts including our first enquiry, invoice and payment.

….all of these add up and are making the journey rewarding and worthwhile.

Team work

As a small team it’s great to be able to get together regularly and have easy honest conversations about how we want the business to look and function. It also makes it easier to push through any changes to adapt to the market and make sure the service provided for our clients remains at the highest level possible.

Before Morhart I was always an employee as opposed to an employer. Being an employee, you do tend to take things for granted and I didn't appreciate the amount of work that goes on behind the scenes to make a business work properly - payroll, HR, marketing, networking, accounting, cash flow, keeping the office up together, paying bills, plus actually looking after clients and administering SSASs.

Accidental salesman

It has been an exciting time for all involved. As a small team we are all involved in promoting and shouting about Morhart’s services. I’ve never appreciated the time and work it takes from that initial enquiry, to receiving that all important Application Form, plus the feeling you get when a client confirms they want us to look after their SSAS.

Client feedback

Getting our first testimonial was an acknowledgement of all the effort the team has put in:

"Having had so many changes of personnel at my previous SSAS provider, who were dealing with my company property SSAS, together with poor service levels and a lack of understanding of my requirements, I decided to look for a more personal but, truly professional provider who could offer a higher level of service, together with the efficiency that is needed when purchasing commercial property in a competitive market.

I have found in moving to Morhart, efficiency and personal support that I could only have dreamt of, with answers to queries and advice as to HMRC rules, sent by return, usually within 24 hours.

Yes, moving comes with a myriad of legal requirements but, it has been worth every penny to get this level of service and understanding. It is refreshing to find that there are businesses out there of this calibre."

What’s next for Morhart

Looking ahead, we want to build the business whilst ensuring our clients are well looked after. We’re already building on the service we provide and further streamlining our systems and procedures.

Some future challenges and goals:

• Bringing more schemes on board
• Building the team
• Looking at potential acquisitions
• Office expansion (the current one is rather cosy).

The website will be developed further, adding content and making it a resource for clients and potential clients. It’ll be a space for us to provide regular updates on Morhart, case studies, the SSAS market, legislation and any other relevant changes.

Thanks

None of this could have been achieved without the trust and support of our clients, introducers, and partners, and my colleagues at Morhart. Thanks to everyone who has helped us over the past year. If future years are anything like our first, the future will be challenging but rewarding.

If you would like more information on Morhart, SSASs and the service we provide, please visit our website morhart.co.uk or contact me directly, I’d be delighted to hear from you.