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Frequently Asked Questions

A SSAS is a type of occupational pension scheme that is typically set up by small businesses. It allows members, who are usually company directors, to have control over the scheme’s investments and administration.
A SSAS can have up to 11 members, including company directors and senior employees. Members are also trustees, responsible for managing the scheme.
  • Investment Flexibility: Members can invest in a wide range of assets, including property and loans to the sponsoring employer.
  • Tax Efficiency: Contributions can be deducted from company profits, reducing tax liability.
  • Control: Members have direct control over investment decisions.
To set up a SSAS, you typically need to be a company director and work with a regulated financial adviser. The adviser will help with the setup and ensure compliance with regulations.
A SSAS can invest in a diverse range of assets, including:
  • Commercial property and land investments
  • Authorised employer loans of up to 50% of the net SSAS assets (subject to conditions)
  • Investments in funds from the whole market, such as Platforms, WRAPs, Fund Supermarkets, Trustee Investment Plans, etc.
  • Stockbroker and Discretionary Fund Manager (DFM) accounts
However, all investments must comply with HMRC rules.
Yes, existing pensions can be transferred into a SSAS. This can consolidate your pension savings and provide greater investment flexibility.
You can access your pension from your 55th birthday, with earlier access possible due to ill health or serious illness. Benefits include taking up to 25% of your fund as a tax-free lump sum and drawing income through flexi-access drawdown or buying an annuity.
If a member leaves the company, their pension funds can remain in the SSAS or be transferred to another pension scheme, depending on the scheme rules.
Yes, risks include investment risk, regulatory compliance risk, liquidity risk, employer risk, trustee risk, legal and compliance risk, and conflict of interest risk. It’s important to understand these risks and seek professional advice.  Our primary role as a professional trustee is to help Member Trustees recognise, minimise and mitigate any potential risks.
SSAS offers comprehensive retirement options, including flexible drawdown.
SSAS schemes offer several tax benefits, including:
  • Tax relief on contributions (subject to conditions)
  • Exemptions from UK income tax and capital gains tax on investment income and gains
Whilst a SSAS (Small Self-Administered Scheme) is registered with HMRC and The Pensions Regulator (where more than one member) it is not regulated by the FCA.  Therefore, if any investments fail, they may not always be covered by the Financial Services Compensation Scheme (FSCS). The FSCS does however, provide protection for FCA regulated investments and advice. Therefore, if the SSAS has appointed an FCA regulated financial adviser to provide investment advice, the following scenarios apply:
  • FCA Regulated Investments: Investments that are FCA regulated are covered by the FSCS. If these investments fail, due to fraud, default or collapse, the FSCS can compensate up to the maximum limit per scheme.
  • Advice from FCA Regulated Advisers: If the SSAS has appointed a regulated financial adviser firm who provide unsuitable advice resulting in financial losses, the FSCS may cover claims against the adviser.
  • FSCS Coverage for Cash Deposits: In the event of a bank or building society failing. Any cash deposits held on behalf of the SSAS are covered by the FSCS, up to the current limit of £85,000, per eligible bank or building society account.
  • Non FCA Regulated Investments: Investments that are not FCA regulated will not be covered by the FSCS.
The annual allowance is the maximum amount of pension savings that can be paid into all your pension schemes each tax year and benefit from tax relief. For 2024/25, the annual allowance is £60,000. This includes contributions from you, your employer, or any other person on your behalf.
Contributions can be made by sponsoring employers, members, or third parties. Employer contributions are paid gross with no specified limit, while member contributions are capped at the greater of £3,600 gross or 100% of relevant UK earnings for that tax year.
Upon your death, the value of your SSAS fund may be paid as a lump sum to a nominated beneficiary or provide a pension for them. If you die before age 75, payments to beneficiaries are usually tax-free. If you die aged 75 or older, payments are taxed at the recipient’s marginal rate of income tax.
The Pension Scheme Administrator is responsible for managing the pension scheme in compliance with legislation. This includes registering the scheme with HMRC, managing tax relief on contributions, reporting relevant events, submitting annual returns, and providing information to scheme members.
The primary duties include:
  • Registering the pension scheme with HMRC and The Pensions Regulator.
  • Managing tax relief on contributions.
  • Reporting relevant events to HMRC and The Pensions Regulator.
  • Submitting annual returns.
  • Providing information about benefits and transfers.
  • Ensuring compliance with all current pension legislation.
We understand that some clients may need alternative communication methods, such as large print, braille, or telephone support. If you require assistance, you can call your Customer Service Manager, our general telephone number or complete the contact form below and we will be pleased to help you.
It may be possible to access your pension funds early depending upon your particular circumstances.  In the first instance, please contact your financial adviser.  If you do not have an adviser, you can call your Customer Service Manager, our general telephone number or complete the contact form below and we will be pleased to help you.
Pension Wise is a part of the Government’s Money Helper service; it offers all sorts of guidance including one on one meetings. Please visit Pensions and retirement | Help with pensions and retirement | MoneyHelper for further information.
If you’re going through a divorce in the UK, your share of the SSAS (Small Self-Administered Personal Scheme Pension), can be included in any financial settlement with your ex-spouse.   This will be determined between you, your ex-spouse, legal representatives and if necessary, the court. Further information can be found here: How getting divorced affects pension and retirement income | MoneyHelper.
Yes, in certain circumstances, a trustee can delegate their trustee functions to an attorney for a maximum of 12 months. This delegation must be done by a deed and requires notifying co-trustees and beneficiaries. It’s crucial to ensure the delegation doesn’t conflict with the trust deed or the beneficiaries’ rights.  In the first instance, please contact your financial adviser.  If you do not have an adviser, you can call your Customer Service Manager, our general telephone number or complete the contact form below and we will be pleased to help you.