Small Self-Administered Scheme

A SSAS is a Registered Pension Scheme, the members of which are usually owners, directors or key employees of a sponsoring employer. Whilst subject to the same rules relating to contributions and benefits as conventional insured arrangements, the SSAS is a bespoke pension vehicle which offers much greater flexibility and control over the investment of the scheme’s assets.

A SSAS offers the opportunity for pension fund assets to be used for the benefit of the sponsoring company. For example, the pension fund may purchase a commercial property, which it may then lease back to the company. The pension fund will receive any rent free of tax and has no capital gains liability on any subsequent sale of the property. The company has a secure tenancy and does not need to access funds to source the purchase of premises.

Commercial secured loans to a sponsoring company are also possible as long as strict HMRC criteria are met.

SSAS’s often work best as a pension vehicle for business owners and their immediate family: spouse and children. The current tax treatment of pension fund assets on death and the ability to pass on your pension fund wealth to the next generation make SSAS’s the ideal vehicle for family pension planning.

Each scheme requires a Scheme Administrator, whose role is:

  • Registering the pension scheme with HMRC
  • Reporting events relating to the scheme to HMRC
  • Making regular returns of information to HMRC
  • Providing information to scheme members, and others, regarding the Lifetime Allowance, benefits and transfers

Unlike many service providers, who seek to offload the Scheme Administrator role (and any attendant penalties should breaches in legislation occur) to the individual member trustees, Organon can and
will fulfil this official role whilst acting as Professional Trustee to the SSAS.

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