SSAS
A SSAS is a Small Self Administered (Pension) Scheme usually
set up for the Directors and Executives of a Company.
In order for the scheme to be accepted by the Inland Revenue,
there has to be less than 12 members, at least one controlling
Director and some or all of the assets invested in the scheme
must be in other vehicles rather than just insurance policies.
SSASs are subject to the usual pension scheme rules, plus additional
controls to take account of the fact that the trustees are directly
responsible for managing the scheme and its investments, and because
of the likelihood that the company directors, scheme members and
trustees could be the same.
The SSAS affords much greater control and flexibility over the
investment of scheme’s assets and can include:
- Commercial property
- Commercial loans, including to the company
- Stocks and shares, including the sponsoring company
- Deposit accounts.
Each scheme requires an Administrator, whose role is:
- Registering the scheme with HMRC
- Reporting events relating to the scheme and the scheme administrator
to HMRC
- Making returns of information to HMRC
- Providing information to scheme members, and others, regarding
lifetime allowance, benefits and transfers.
Unlike many service providers who seek to offload the Scheme
Administrator role to the individual member trustees, Essential
Trustees can and will fulfil this role.
SSASs are regulated by The Pensions Regulator. They are not regulated
under the Financial Services Authority (FSA). Please note that
certain investments held within the SSAS may be regulated by the
FSA. |
