A Small Self Administered Scheme (SSAS) is an Occupational Pension Scheme / Trust Fund set up by a company (sponsoring employer) for the benefit of its members / trustees (limited to eleven) who are typically directors, employees or family members.
The purpose of a SSAS is ultimately to create a means of retirement planning and saving that gives more control and flexibility to the trustees in terms of usage and investment strategy.
Features and Benefits
- Considerable Tax advantages – UK Income Tax, Capital Gains Tax and Inheritance Tax
- Flexibility and control over Investments
- Control over Assets – Commercial Property
- Loan backs
- SSAS ring-fenced from creditors
Tax Advantages
As your SSAS will be established under Trust there are a number of significant tax advantages for members and the employer:
- Scheme investments grow free of UK Capital Gains and Income Tax
- Employer contributions are allowable as a deduction against Corporation Tax
- Members will receive personal tax relief at the highest marginal rate on contributions up to 100% of earnings or £3,600 gross
- A tax-free lump sum can be taken after age 55
- Lump sum death benefits can be paid free from Inheritance Tax
- Company can pay administration costs of SSAS as a deductible expense
The areas surrounding all of the above points can be complex and cumbersome however our aim is to manage your retirement planning, whilst maximising your savings in a tax efficient manner.