Why we created the i-SSAS

 

There’s been so many changes in workplace pension legislation recently, including the introduction of auto enrolment, that a lot of SME business owners are now thinking about pensions more than ever. You’ve talked to pension providers, you’ve asked your financial advisers for support, and you may have implemented a workplace pension for your employees by now.

 

Because of this, a lot of business owners are now considering their own pension, their own retirement fund, and thinking about how they can enhance it to give them an even better financial future once they leave work.

 

We’ve talked to lots of business owners recently who are looking for a pension to suit them, and that provides flexibility and benefits for their business as well as their retirement fund. We know that a SSAS pension can do all these things, which is why we created the i-SSAS – a SSAS designed for one person, without all the multi-member features of a full scheme.

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The i-SSAS is just like a normal SSAS (or small self-administered scheme), but designed for just one single member. That makes it absolutely perfect for small businesses who only have one director, and who want a pension scheme to benefit their business as well as create a more secure financial future for them and their family.

 

Our i-SSAS pension is recognised by, and can be registered with HMRC, and works by being a trust based, occupational pension scheme. This means the single member (ie. You, the business owner) acts as the trustee, as well as having the services of a corporate trustee.
The i-SSAS is the ideal solution for individual business owners looking to give themselves as good a pension scheme as they’ve provided for their employees.

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Just like a full SSAS, the i-SSAS has numerous features that lets you as a business owner grow both your business, as well as your retirement fund.

 

In terms of what can go into an i-SSAS pension, it can accept transfers from any existing pensions you currently have, contributions from your business (also known as the sponsoring employee) and commercial property too (also referred to as in-specie contributions).

 

If you’re looking to buy commercial property, your i-SSAS can also be used for that too – there’s a fantastic loan back facility that you can use to purchase it, or you can use the assets already in the scheme to go towards it.

 

There’s also lots of different investment options too, so whether you’re looking to be actively involved in where your funds are invested or not, there’s an investment to suit you.

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It’s tax efficient

All business owners are looking for ways to make their business more tax efficient, and the i-SSAS can help you do that in lots of ways. One way is that the contributions your business makes into the pension are actually an allowable business expense, which helps you cut down your Corporation Tax bill. And, when you do retire and want to access your funds, the first 25% of what you draw out is completely tax free!is.

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It’s seriously flexible

This is one of the best things about the i-SSAS; it gives you more flexibility to use it for what you need, when you need it. There’s no fixed contributions with the i-SSAS, meaning you can pay in any amount to the scheme, whenever you want. This gives you the flexibility to only make contributions when it works for your business, and keep your money when you need to.

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You can convert it if you need to

The i-SSAS is created specifically for just one individual member, but we know that your business can change and that your pension needs to reflect that too. That’s why, if needed, we can convert your i-SSAS into a full SSAS scheme for multiple members – though there are additional charges for this. Then, you’d be able to make the most of the benefits of a full SSAS scheme, which include inheritance planning, or making increased contributions into the scheme.

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You can transfer existing pensions

We know that it’s likely you may already have an existing pension scheme, but we firmly believe in the benefits of consolidating all of your pensions into one place, so as to cut the costs of fees and provide you with more assets to work with. That’s why it’s extremely easy to transfer any existing pension rights you have into your i-SSAS, and then use those funds as you want to.

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It’s secure, and gives you control

Because the i-SSAS is a trust, anything inside that trust is safe and secure from creditors if the worst should happen and your business faces financial difficulty. And, you get more control over your scheme, especially where your funds are invested – the i-SSAS offers more options than other schemes, and you can develop your own investment strategy (as long as it’s within HMRC guidelines).

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It uses a corporate trustee

There are lots of advantages to using the services of a corporate trustee with your pension scheme, even though it’s no longer legally required. They can help you know which investments and transactions fit with HMRC guidelines – and we don’t set up a scheme without one.

Get in touch today to find out more!

Not An SME Owner?

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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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Sign up to download your FREE Business Owner’s Guide to SSAS Pensions today!

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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SIGN UP TO DOWNLOAD YOUR FREE BUSINESS OWNER’S GUIDE TO COMMERCIAL PROPERTY

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.