A Small Self-Administered Scheme (SSAS) is the lesser known relative of a SIPP. A SSAS pension scheme is an individually registered pension fund, established by a business. They operate in the same tax-efficient manner as a Personal Pension, combining the investment and income flexibility of a SIPP, but with the added opportunity for multiple membership.
A SSAS pension is often ideal for business owners, senior employees of private limited companies and family owned companies, as it allows the company pension fund to interact directly with the business.
3 key features of SSAS:
A SSAS is trust based, requires a sponsoring employer to establish it and can have up to 12 members.
This allows up to 50% of the net SSAS pension fund value to be loaned to the principal employer.
The fund can borrow up to 50% of its net value for property purchase.
The name ‘Self-Administered Scheme’ implies that this style of pension can be ‘run’ by its own members. For many years this has been the case, although with varying degrees of success it must be said. A combination of abuse, and simple mismanagement, has led HMRC to tighten rulings. A SSAS must now show evidence that it is being administered by an appropriate professional, and that the scheme Trustees are all fit and proper.
Some of our best success stories over the years have involved ‘rescuing’ mismanaged, or poorly administered, SSAS pension arrangements. If this rings an unhappy bell, contact us today and our specialist SSAS team in Leicester will be happy to help.
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