A Small Self-Administered Scheme is essentially a trust established by one or more companies to hold the pension funds of employees of the company, usually but not necessarily, the directors or shareholders of the company. The features and investment opportunities are as follows:
All the tax advantages of any registered pension scheme
The ability to pool funds accumulated under other pension arrangements
Flexibility to contribute according to the member’s changing circumstances
Long term control of funds by the members from first contribution onwards
Adoption of a flexible investment strategy dependent on the needs of each individual member and their business
Drawing of benefits in a flexible way according to the needs of each individual
Continuation of the fund and its investments even after payment of pension commences
The passing of funds to dependents and beneficiaries on death.
The SSAS also allow loans to be made to a participating company subject to certain conditions. This gives it the potential to be an important tool not only in providing valuable retirement benefits but also giving support to the company in the form of an additional source of liquidity if necessary.
Each SSAS is registered with HMRC and its unique structure will reflect the requirements of the company and members. The extent of involvement of MAB Pensions Limited and MAB Trustee Company Limited will depend on the expertise within the funding company and can range from an oversight and consultancy service to full administration services, including preparation of annual accounts and operation of PAYE when pension benefits are drawn.
SSAS are regulated The Pensions Regulator.
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