A SSAS is a pension arrangement designed for small businesses, typically with a limited number of members, often directors or key employees. It provides a way for these individuals to save for retirement while giving them a degree of control and flexibility over their pension investments.
SSAS members have a significant degree of control over how their pension funds are invested. They can invest in a wide range of assets, including commercial property, stocks, and loans to the sponsoring employer.
SSAS pensions offer flexibility in terms of contributions. The sponsoring employer and members can make contributions within certain limits. This flexibility can be advantageous for business owners looking to fund their retirement.
SSASs can invest in a variety of assets, including property, which can be used for the business’s benefit, as well as traditional pension investments like stocks and bonds.
A SSAS can lend money to the sponsoring employer under certain conditions, providing a potential source of financing for the business.
Contributions made to a SSAS are typically tax-deductible for the business, and investment gains within the scheme are generally tax-free. However, there are annual limits on contributions and lifetime allowances to consider.
SSAS pensions are regulated by The Pensions Regulator in the UK, and they must comply with various legal and regulatory requirements to maintain their tax-advantaged status.
SSASs are typically administered by professional trustees or pension administrators who ensure compliance with regulations and manage the scheme’s day-to-day operations.
At retirement, members can typically access their SSAS pension as a tax-free lump sum or as an income stream, depending on their preferences.
At Salty Digits, we specialize in SSAS pension management and administration. Our innovative technology makes it easy to manage your SSAS pension and take advantage of the unique investment opportunities available. With our expertise and support, you can maximize the benefits of your SSAS pension and secure your financial future.
Don’t wait – contact Salty Digits today to learn more about how we can help you achieve your retirement goals with a SSAS pension.
