Small Self-Administered Schemes (SSAS) are a specialised type of employer sponsored pension scheme.
The BondMason SSAS Service
A growing number of company owners are setting up SSAS schemes to take advantage of a rule that allows businesses to borrow from pension assets.
Another major benefit of a SSAS is that it can offer increased flexibility on where the scheme’s assets can be invested, including assets that aren't generally available for many other types of pension schemes. There are also advantages when it comes to tax planning.
SSAS schemes are generally set up by small companies. You only need 1 member to start a SSAS scheme, but they can be open to all employees and their family members, even if they don't work for the employer. The number of members is generally limited to 11.
- Employer and Member contributions normally qualify for tax relief.
- Investment income and gains (other than dividend income) are generally exempt from UK Income Tax and Capital Gains Tax (CGT).
- Lump sum benefits on a member’s death will normally be free from Inheritance Tax.
- When taking benefits, a tax-free lump sum of up to 25% of the member’s share of the SSAS fund is normally available, subject to the member’s remaining Lifetime Allowance. In some cases, this could be more than 25% of the fund/Lifetime Allowance depending on individual circumstances
- Fees for the administration of the SSAS can be paid by the sponsoring employer and it should be treated as a business expense.
Find out how to;
Find out more about our SSAS Service
We are happy to discuss any questions you may have relating to our SSAS service.
Please contact us on 01582 802 000 or email the team at firstname.lastname@example.org
Download your guide to the key features of a SIPP and SSAS and find out more about these different types of self-invested pension schemes.
This guide is for information purposes only and does not constitute investment advice. For investment advice, please consult a professional financial adviser.