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Grow and preserve your wealth
with a SSAS Pension
How We Work
At Tor Pensions we provide dedicated administration services for clients wishing to establish and operate a SSAS (Small Self-Administered Scheme) pension. This type of company pension provides greater control on how funds within your pension are invested and can suit smaller, family-run businesses and those wishing to invest directly into property.
Benefits of a SSAS
A SSAS is an occupational pension scheme established by a UK employer. One of the major benefits is that it can invest in assets that might not be available to personal pension schemes.
Allows contributions by single and associated employers with the full tax advantages of UK pension schemes.
Loans available to your business.
Purchase commercial property or your own property and lease it back to the company.
Borrow up to 50% of net assets for company investment purposes.
Your company can pay the running costs of a SSAS which are an allowable expense of the business for corporation tax. VAT can normally be reclaimed if your business is VAT registered.
The Membership Cycle
Contributions
A SSAS can accept employer contributions on behalf of members which are usually deducted as a business expense. Members can contribute personally and receive tax relief at their marginal rate of income tax, subject to HMRC limits.
Retirement Benefits
A tax-free lump sum can be taken from age 55 and a pension income paid from SSAS funds at a rate that suits the member. There is no need to purchase an annuity from an insurance company or stop working before accessing benefits.
Death Benefits
Pre-75: If a member passes away before age 75, subject to certain limits their SSAS fund may be paid to individual beneficiaries normally free of tax. This can either be as a lump sum or by flexi-access drawdown.
Post-75: If a member if 75 or over when they pass away, subject to certain limits their SSAS fund may be paid to individual beneficiaries in the same way but payments out to are taxed at the beneficiaries marginal rate of income tax.
Why Choose Tor Pensions
“We have worked alongside Tor for many years, looking at pension related matters for a number of our mutual clients. During this time we have built up a very trusting business relationship and, together, we have helped many of our clients organise their business and wider financial affairs in a very effective manner. I have no hesitation in recommending their services.”
Stuart Noakes - Partner, Head of Tax Services, MHA Carpenter Box
Professional Pension Trustees
Based in Lymington, Hampshire, we have been administering pension schemes for over 20 years and have a wealth of experience.
Our friendly team of experts will guide you through setting up and running your SSAS, and believe our flexibility can help you get the most from your scheme.
FAQs
What do Tor do as a Professional Trustee?
Provide all of the paperwork to establish the SSAS.
Provide documentation for establishing a member’s interest in the SSAS.
Provide a Statement of Wishes form for each member.
Transfer in any existing pensions to the SSAS.
Register the SSAS with HMRC and the Pensions Regulator.
Establish a scheme bank account and monitor transactions.
Provide reports on scheme assets and the allocation of the fund between members.
Do you deal with FURBS Pension Schemes?
Funded Unapproved Retirement Benefit Schemes (FURBS) are no longer available as new schemes, they could only be set up before 2006, however there are still many in existence. They are trusts that have fewer investment restrictions than normal pensions, but not the tax advantages. We have significant experience in dealing with FURBS and the careful consideration required when looking at appropriate investments.
Can I choose my own professional adviser?
If you like, you can choose your own professional advisers to help you run the scheme, such as an Accountant, Mortgage Provider, Stockbroker or Investment Adviser. Our only requirement is that they are suitably qualified and, where necessary, they are regulated for the service that they provide and agree to work according to our reasonable requirements.
What type of investments are not permitted in a SSAS?
Examples of types of investments that are not permitted include:
Residential property.
Assets such as vintage cars, wine, stamps and artwork.
What type of investments require careful consideration?
Private company / unlisted shares.
Unregulated Collective Investment Schemes.
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Secure your future with a SSAS
To find out more about how a SSAS might benefit you, contact us to arrange a free, no-obligation discussion with our team.
Please call us directly or fill out our quick contact form.