If you are a business owner, director or in a partnership, a small self-administered scheme (SSAS) could be an excellent choice of pension.
What is a SSAS?
It is a pension scheme established for company directors and other senior employees of a company. It can be open to employees’ family members even if they don’t work for the employer.
What are the main benefits?
- Huge flexibility on where the pension assets can be invested
- High level of control for the pension scheme members
- As with other pension arrangements, you receive tax relief on company and personal contributions
- You can lend money to companies connected to the members, providing a great way to finance your business
- You can purchase your company’s trading premises and lease it back to the company
- You can purchase other non-residential property and access investment opportunities
- You can borrow money within the pension providing additional liquidity for investment purposes
Prydis Wealth has extensive experience in the management of SSASs and we are experts in the use of flexible pension vehicles. We can assist you with establishing the right structure, transferring in your other pensions (including defined-benefit or final salary schemes), and executing any investment transactions once everything is in place. We truly understand the needs of business owners and our unique understanding of accountancy means we can point out planning opportunities that other advisers may miss.
As you may have gathered, SSAS’s are different from other forms of pension and may not be suitable for everyone. Before establishing a SSAS there are certain factors you need to be aware of and you should seek advice from a professional financial adviser who is familiar with this type of arrangement.
Please feel free to call us on 01392 432431 to discuss whether a SSAS could be the right pension for you. We never charge for an initial conversation and are very confident you will see the value that can be derived from having the right pension scheme for your circumstances.