The best SSAS for your business
SSAS pensions are the best and newest solution for informed persons. Business owners and directors all over the UK are using them with advice from their financial advisors. Smart bespoken schemes to leverage their enterprises through the credit crunch into the ‘black’.
As with all new things, there are now a deluge of providers offering services, most of which are good. Never-the- less, pension experts at Pension Practitioner .Com stand by their business model of only bespoken SSAS administration service.
After recently topping a survey of SSAS administration providers and being hotly tipped to win industry awards, I asked them to differentiate between the different classes of SSAS.
Insured SSAS - Are offered by insurance companies, one is able to self invest the assets of the scheme, but there is a requirement for a minimum amount of money to be invested in the insurance company’s range of funds.
Hybrid SSAS - This is also provided by insurance companies, once the scheme assets are divided into insured investments and self investment, it is deemed that this is a hybrid arrangement.
Deferred SSAS - is when the insurance company will operate the fund on an insured basis with the intention of switching to a hybrid or insured SSAS in the future.
Full SSAS - This is the product administered by Pension Practitioner .Com. Under this method, there is no insurance company or third party trustee involved. The members are the trustees and make the investment decisions for themselves, they are obliged to consider investment advice with their assets.
Contracted Out SSAS – This is where the scheme is contracted out of the state second pension scheme and a proportion of national insurance rebate is paid to the SSAS. Contributions can be paid from the business or members however the scheme is limited to investment of funds in insurance based contracts and cash deposits.
Pension administration experts at Pension Practitioner .Com stated that full SSAS is a huge plus to a company, and that it is best realised by using a purpose driven SSAS tailored to individual company requirements, and under your own control.
Bespoken SSAS only serves the clients’ needs. Established on their behalf and designed and invested as per the clients wishes, often this is used to aid companies leverage finance, and increase their tax efficiency whilst decreasing tax exposure. There are also huge efficiencies when purchasing commercial properties.
Typically Pension Practitioner .Com charge a fixed annual fee. This certainty of cost, is amongst the lowest fee basis in the industry and coupled with their online facilities are likely to remain competitive.
Financial advisors are increasingly looking to this source of pension business as an alternative to SIPPS, in my mind they should consider Pension Practitioner .Com as the chosen administration provider for their SSAS business.
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