The future for SSAS Pension Schemes
The future for SSAS Pension Schemes
The future for SSAS Pension Schemes
SSAS refers to the Small Self-Administered Scheme (SSAS) which is a type of pension scheme for businesses and entrepreneurs. SSAS market has been present for some time. Although SSAS is credible, it is largely unknown. For quite some time now, the true potential of SSAS pension schemes has been overshadowed by the more commonly known Self-Invested Personal Pension' (SIPP). There are many businesses and entrepreneurs who do not realise what a SSAS has to offer.
For over three decades now, SSAS has remained behind SIPP in general popularity and usage. SSAS is used by only a select few. One commentator has called SSAS the private bank of pensions. Recent changes in regulation by HMRC have unlocked SSAS pension schemes for the general market.
http://www.Pension Practitioner .com, the leading SSAS provider in the UK, elaborated on the new potential for the unlocked SSAS. Pension analysts at the firm confirmed that between persons with family connections, SSAS remains to be better for investment in all regards as compared to SIPP. But now any key employee, property developer, shareholding director of a private company or partnership needs to pay attention.
When asked to summarise in one word what they basically mean, Pension Practitioner .com's response was Control'. SSAS costs less than a SIPP. Therefore many business managers opt for the premium of control SSAS offers.
Pension Practitioner .com SSAS services commentary.
I asked Pension Practitioner .com, what happens if a SSAS provider's service practitioner fails to deliver? Simply appoint another they said. They, for example, do not impose take-over fees.
What I wanted to get to was the real and practical investment reasons which differentiate SSAS from SIPP. The managers of Pension Practitioner .com responded by first clarifying that assets are held by the members as trustees.
The other main advantage is that SSAS operate on a non-allocated' and pooled investment approach. This means that not only are assets jointly owned, but this allows for a fluid transfer of assets between generations as retired member's fund decline and newer members fund builds up. This is especially beneficial for situations where members are related or work for the same company.
The last important difference said Pension Practitioner .com, after cost is that of control. The real choice one is making is do I want to own the pension scheme, (SSAS) or should I piggyback on someone else's, (SIPP). The former is more pro-active and involves more paperwork. But with a designated pension practitioner this issue falls away.
To summarise, SSAS pension schemes offer many advantages over SIPPs. The benefits of SSAS have become increasingly evident in recent years. Gone now are the reasons for SIPP, like, different funding, investing, borrowing and benefit rules. The managers of Pension Practitioner .com were clear to point out that SSAS are of credit to their owners. However, as a pension fund, SSAS needs planning and attention. This brings in the need for a pension practitioner to consult and fulfil the administration requirements. Pension Practitioner is required in order to prepare annual accounts required for the scheme, complete HMRC scheme returns, event reports and quarterly accounts for tax returns.
Pension Practitioner .com finished by saying that, "SSAS are not a mass-market product. But for those clients who take up this valuable instrument, most always question why they never opened a SSAS earlier."
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