Due to a number of changes to legislation, pensions are now on the radar of business owners. Many of them have to organise pension schemes for their employees in order to comply with the new auto enrolment legislation.
This has led to many directors reviewing their own retirement provision, found it severely wanting, and as a result they are looking at their options.
In the majority of cases the best option for the business owner would be a SSAS (Small Self Administered Scheme). However, for the vast majority, this will not be the option they choose. This is because business owners tend to rely on Accountants and IFAs for this type of advice, and they generally have limited knowledge of the mechanics and applications of SSASs – and so don’t recommend them to their clients.
In our experience, what most intermediaries want is to have a basic knowledge of SSASs, but when it comes to specific cases they prefer to refer the client to a specialist who can give more tailored advice.