A Small Self-Administered Scheme pension (SSAS) is a pension scheme, exclusively for company directors. It is a unique and flexible property and occupational pension scheme, specifically created under legislation for company directors in the UK. If you set up a SSAS pension, you have full access to every type of investment available to SSAS investors according to the rules set out by HMRC. A SSAS fund benefits from all the same tax relief and advantages as a traditional personal pension, such as a tax-free lump sum of 25% at age 55, new contributions of up to £40,000 a year and flexible drawdown.
There are several different investment options available when using a SSAS, but for business owners, this type of pension scheme is also beneficial for investing in commercial property or raising funds for any other aspect of running a company. For family businesses, the SSAS offers great benefits for tax efficiency, succession planning, and business continuity.
The ability to loan to the company using the SSAS loanback facility is especially useful when looking for business funding, cashflow or tax efficiency for the business.
If you’re a UK company director looking for an efficient and flexible occupational pension scheme, look no further than a SSAS pension.
A SSAS is a good idea for those looking to build a legacy, grow their business, save tax, protect wealth, invest and diversify their pension funds and generally take control, with ultimate flexibility.