What is a SSAS and why have a SSAS?
A Small Self-Administered Scheme (SSAS) pension is a type of UK pension in the form of a tax-efficient scheme, exclusively for business owners. Why have a SSAS? By switching to a SSAS you can take control of your pension funds and invest them at your own discretion, in your business and property.
The Small Self-Administered Scheme (SSAS) is a corporate pension scheme that was devised by government to help business owners align their pensions with their business strategies. It is available to UK business owners. The key feature of the SSAS is that it gives business owners control and flexibility and full discretion over how they invest their pension funds. Unlike traditional pensions, the SSAS can invest in property. There are defined property categories that a SSAS can invest in.
Below you can read more about the pros and cons of switching to a SSAS. It is an extremely powerful pension scheme for those who are eligible to have one and can offer a great deal of control in creating innovative strategies for your business and family. A SSAS can also be combined with other tax planning products, such as the Family Investment Company to achieve even greater tax efficiency.
A Small Self-Administered Scheme (SSAS) is a pension scheme that would usually be set up by a limited company. It is normally set up on a defined contribution/money purchase basis. SME business set up the SSAS which is run for the benefit of the owner as well as other company directors/key employees and/or family members. A SSAS is a type of Occupational Pension Scheme with several advantages. We are often asked, what are the benefits of a SSAS pension and the answer is extensive. As well as the same benefits traditional pension offer, a SSAS has much more control and flexibility to allow you to achieve your aims and goals, including increased investment choice and power, tax efficiency, business and pension alignment and much more.
This type of scheme is an attractive option for investors and business owners because it can be tax-exempt. This includes Capital Gains Tax, so investments in property can generate substantial returns. Contributions to the SSAS also receive tax relief (provided some conditions are met). On this page, we will delve into what SSAS is and how to determine if it is the right option for you.
The first question we are often askes is, ‘why should I have a SSAS?’ A SSAS, properly managed, is a tax-efficient retirement plan. In the past, SSAS were set up by directors of limited companies for the benefit of specific employees. Since pension simplification, partnerships and families have also been allowed to start a SSAS. A small number of family members may also join an established SSAS.
Members of a SSAS have more control over investment decisions than is usual for pension schemes. It is possible to invest wisely and make a significant return on your investment.
One of the most attractive USPs for many investors is the ability to take out a loan from a SSAS which can be injected into their limited company for justifiable purposes. However, there are strict rules on how these loans can be administered. These pension loan rules are set and stipulated by the HMRC.
Consolidating your pot is another advantage of the SSAS. By transferring your pension into one pot (consolidating your pensions), you make it easier to manage, and reduce the paperwork and statements and it is far easier to keep track of your pension funds. You are no longer dealing with multiple accounts and pension companies and you have control of your whole pension pot. The consolidated pot gives you far more investment potential, of which you are in control. With a SSAS, you are also able to invite other family members or key company members to join the SSAS and pool pensions to further increase investment power and options.
Recently been working with Tom at the Landlords Pension through a recommendation from a close friend. Tom is very knowledgeable and explained their services very clearly. Really helpful and friendly guy who immediately put me at ease. Always at the end of the phone or email ready to answer any questions I have.
Highly recommend The Landlords Pension for setting up a SSAS pension. Many Thanks to Liam, Michelle, Teresa and the team for their support throughout and making it an easy process. Looking forward to our working relationship with future investments.
Wouldn’t hesitate to recommend there services to open a SASS, massive thanks to Dan, Michelle and Teresa who made the setup seamless, very supportive throughout the whole process.
Look forward to many years of successful investments with The Landlords Pension
Highly recommend The Landlord’s Pension for opening a SSAS. They are highly professional yet friendly and personable. They are really helpful and keep you informed every step of the way. It’s refreshing to pay for a service by a company who actually do what they say they are going to, with zero aggravation and problems! Thank you guys 🙂
I recently opened my SSAS through The Landlord’s Pension and they have been professional, approachable and efficient throughout. Simon, Teresa and Michelle have all been great in answering my questions and queries and doing their best to ensure the process of transferring over my existing pension has been a smooth and seamless one. I would have no hesitation in recommending them.
I’ve been working with The Landlord’s Pension this year to sort out historically messy pension arrangements and take control by creating a Family SSAS. Chris Brown has been an absolute pleasure to deal with, friendly professional advice all the way through. Thanks!
We had a number of workplace and final salary pensions, dotted all over the place and decided to pull them all into one SSAS. Laura and the team were excellent in explaining what to expect and keeping us advised every step of the way, in fact as part of the fact-find, we came across pensions we didn’t realise we had! I manage my own SSAS, but I know that Laura is at the end of the phone if I need her and she will not hesitate to help. I couldn’t recommend The Landlord’s Pension enough, they were absolutely brilliant!
