Small Self-Administered Scheme SSAS explained

A Small Self-Administered Scheme (SSAS pension) is a registered occupational pension scheme which provides business owners with a highly flexible and tax efficient means of saving for retirement. As Trustees of the scheme, members retain a high degree of control over the use and investment of its funds. To arrange a free initial discussion at your home, workplace or our offices contact us today.

It can receive contributions from the member, the sponsoring employer or a participating employer and can accept transfers from other pension arrangements.

Included in a wide range of investment options is the ability to provide a loan back to the sponsoring employer, to own shares in the sponsoring or participating employer, (within certain limits) and to buy property occupied or to be occupied by the employer.

The SSAS also offers the highest degree of flexibility in how and when retirement benefits may be drawn. The members, together with the pension trustees are the trustees of the scheme. With a much greater range of options than standard pension plans, a SSAS provides trustees ultimate control over all aspects of the investment strategy of the scheme and the payment of any benefits.

A SSAS also offers self-investment opportunities including:

  • The ability to make a secured loan to the sponsoring employer,
  • The ability to purchase commercial property from, and to lease back to, the sponsoring employer

There are two basic methods of adding to your pension plan: transfer from previous arrangements and new lump sum and /or regular contributions. You may hold more than one pension plan, therefore it is also possible to transfer the funds/assets from an existing pension arrangement into a SSAS.

You may transfer from:

Read more about Pension Transfers and your options above and below 55 years of age.

The member trustees may use their SSAS funds to inject cash into their business by making a secured loan to the employer (Loan back). Loans are restricted to a maximum of 50% of the net scheme assets and have to be repaid by regular capital and interest instalments. Such loans must be secured against assets by way of a first charge and the security must be sufficient to cover the loan and interest on it.

The maximum term permitted is five years and the interest rate must be at least 1% above the average base lending rate of the leading high street banks. Loans may be made to third parties but not to member trustees or anyone connected to them.

Independent financial advice should always be sought before you proceed with the transfer of any previously accrued benefits/funds.

The value of your investments is not guaranteed and you may not get back the full amount invested.

Our IFA’s are based in East Sussex and often serve clients across Bexhill, Hastings, Lewes, Seaford, Newhaven, Crowborough, Uckfield, Tunbridge Wells, Brighton and Hove.

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