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Small Self Administered Pension Scheme (SSAS)

Maintain control over your pension scheme

A small self administered pension scheme enables you to have complete control over their pension arrangments. You have the same investment options open to you as enjoyed by a self invested personal pension but do not require a pension provider administration services as the scheme is sponsered and administered by you.

A SASS is set up under a Trust and, moreover, all members are Trustees. This is a legal requirement as a registered pension scheme with the HMRC - which a SASS is. As a trustee you have a duty to act honestly and in the best interest of the schemes members. You are also required to keep scheme records. There are companies that provide services that will help you with these requirements.

Why consider a SASS

If you are a company director and/or have a number of pension schemes with different providers you may consider a SASS. A SASS can take transfers from any number of pension providers including protected rights. If you have a number of directors and key personnel within your staff a SASS would be an ideal vehicle to have complete control over contributions and retirement benefits for such individuals. The SASS is governed as to how much tax relief contributions and benefits receive, as with all qualifying pension schemes, but the trustees of the SASS can decide how to manage those set limits.

As a company director you have the freedom to use the funds within SASS (and future contributions for that matter) to benefit your business in a tax efficient way. Obviously, as a trustee you have a duty to ensure any decision will also benefit the SASS members.

You have the freedom to invest in whatever asset you think will benefit the scheme members. However, if the assets fall outside set legislation thay may not qualify for tax relief, so if you are unsure whether an asset qualifies for tax relief it is important you take the appropriate investment advice.

Risks to consider

There are investment risks that need to be considered. As already stated, it is important you take the appropriate investment advice before making any investment.

Another risk is linked to legislation. A change in legislation could change the dynamics of the SASS dramatically. The scheme may become less tax efficient which could lead to it being wound up - this could prove expensive.

If you are considering a SASS you will find there are so many questions that need to be answered. Let one of our experts in this field help you. We are happy to bear the cost of your initial consultation giving you the chance to ask us questions on how you can make the right decisions for you.

Call 0800 634 4846 to arrange your initial consultation