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Why we created the i-SSAS

 

Thanks to changes in pension legislation and the introduction of auto enrolment, workplace pensions are back on the map for a lot of SME business owners. This has lead to them talking to pensions providers and their financial intermediaries to make sure they have a compliant workplace pension in place for their staff.

 

Because of this focus on workplace pensions, a lot of business owners are then thinking about their own pension and their own retirement, and realising that they want something more to secure their future once they finish work. Directors are looking for something to put in place to give them a better retirement.

 

At SSASCo, we’ve seen a huge number of enquiries from business owners who want the flexibility and benefits that a SSAS pension scheme can bring, but as they are the sole director of their business, they don’t need the multi-member features of a full SSAS.

 

That’s why we developed the i-SSAS, a flexible SSAS pension scheme for just one single member.

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An i-SSAS is a SSAS (or small self-administered scheme) for just a single member. This makes it ideal for companies with only one director or executive, who is looking for a flexible pension scheme to improve their retirement fund, and provide support in growing their business.

 

The i-SSAS is recognised by, and completely able to be registered with HMRC, and each scheme will have its own PSTR, or Pension Scheme Tax Reference number.

 

The i-SSAS is a trust based, occupational pension scheme, where the single member acts as the trustee, and the scheme also operates with a corporate trustee.

 

It’s the perfect solution for sole directors looking for a great workplace pension for themselves.

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There are so many features of an i-SSAS that allows business owners to support the growth of their business, as well as build a fund for their retirement.

 

An i-SSAS is able to accept contributions from a sponsoring employee (ie the member’s business), as well as transfers in from other pension providers, and in-specie contributions, which are typically commercial property.

 

There’s also the option to use the i-SSAS to take a loan to buy commercial property, or use the scheme assets to purchase it.

 

And, there’s a fantastic loan back facility which enables it to loan 50% of its assets to the member’s business, and there’s a wide range of investment options too.

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An i-SSAS pension is best suited for sole directors of a trading limited company, who want flexibility from their pension and also want to be involved in the investment of the funds in the scheme too.

 

Anyone who runs a business who wants to secure a stable and comfortable retirement for themselves, as well as growing their business, can benefit from an i-SSAS.

 

If you have clients that fit this profile, we’d love to be introduced to them and discuss the benefits of our i-SSAS scheme for their business.

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Tax Efficiency

 

Because the contributions made to the i-SSAS from a sponsoring employer (ie. The business that the member is the director of) can be classed as an allowable business expense, the i-SSAS is able to help your clients reduce corporation tax. As well as this, when funds are drawn from the SSAS when the member reaches 55, the first 25% of this is tax free – though this is restricted by what the member’s available Lifetime Allowance is.

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Flexibility

 

This is a key benefit of the i-SSAS, which means that business owners can make contributions when they want, there is no requirement for regular contributions. This means that your clients can only pay in to your scheme when their business is performing well and can save money at times when they need to.

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Multi member

 

Our i-SSAS scheme is designed for individual directors, but there is also the option to convert the scheme into a full multi member SSAS if needed – though there are additional charges for this. For example, if a new business partner became involved and was to be included the SSAS, we could alter the scheme to reflect this. This would allow your clients to then take advantage of the features of a full multi member scheme, such as inheritance planning, or making contributions that are higher than the personal allowance of the director as an individual.

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Transferring existing pensions

 

If your client already has an existing pension that they want to use as part of their i-SSAS, it’s no problem. The member can transfer their current pension rights into their i-SSAS, and then have the flexibility to use those fund as they wish.  That could be through investing, purchasing commercial property or getting a loan back to their business. We really do recommend that business owners consolidate all of their pensions into one place, so as to reduce their fees and give themselves more options for what to do with their fund.

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Security and control

 

The i-SSAS scheme is a trust, which means that any assets inside that trust are secure from creditors if the business finds themselves in financial difficulty at any time. As well as this, there’s a greater level of control for the member over where their funds are invested, as they can develop their own investment strategy (within HMRC guidelines) and there’s simply more options than with other schemes on the market.

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Corporate Trustee

 

We make sure that all of our i-SSAS schemes offer the support of a corporate trustee, even though it’s not a legal requirement. A corporate trustee can advise business owners on whether certain investments and transactions are compliant with HMRC guidelines – although it’s good to note that this doesn’t include actual investment advice, which would be provided by a Regulated Financial Adviser.

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Get in touch with us today for guidance on how to setup your very own SSASco Pension Scheme

We are specialists in pensions for businesses, and provide our clients with the highest quality of advice, whatever their requirements. Our team of experts can give you guidance at every step along the way whilst you have your SSAS, from setting up the scheme to accessing your fund when you retire – and we can even advise how best to invest your money too.

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Get in touch with us today for guidance on how to setup your very own SSASco Pension Scheme

We are specialists in pensions for businesses, and provide our clients with the highest quality of advice, whatever their requirements. Our team of experts can give you guidance at every step along the way whilst you have your SSAS, from setting up the scheme to accessing your fund when you retire.

Would you like a member of the SSASCo support team to call you?

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We are specialists in pensions for businesses, and provide our clients with the highest quality of advice, whatever their requirements. Our team of experts can give you guidance at every step along the way whilst you have your SSAS, from setting up the scheme to accessing your fund when you retire.