A Small Self Administered Pension Scheme is an employer sponsored 'money purchase' pension scheme that offers increased investment flexibility.
Small Self Administered Pension Schemes (SSASs) are set up to provide retirement benefits for a small number of a company's directors. They can be open to all employees and their family members and the number of members in the scheme is normally limited to 12.
Company contributions paid to the scheme receive relief from Corporation Tax. Member contributions are also permitted and receive relief from income tax under current rules. Transfers from other arrangements can also be made to the scheme.
One of the major benefits of a SSAS is that it can offer the scheme members greater flexibility on where the assets can be invested. A SSAS may allow investment in assets that might not be available to traditional pension schemes. For example, within a SSAS it is possible to:
Furthermore, the SSAS is an HMRC registered scheme and therefore benefits from the normal tax advantages available to pension schemes such as: