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For many individuals concerned with asset protection, a pension will conjure ideas of a ‘pension pot’, money stowed away for another day – but with the advent of SSAS, pensions can now work for you, with a huge degree of flexibility.
A SSAS stands for a Small Self Administered Scheme, and is a kind of occupational pension, set up by a limited company or partnership, that gives its members considerable flexibility and control over the investment policy and underlying assets, by setting up a trust.
At Pension Practitioner and Protection Practitioner, we can offer this alternative way to protect your assets. As the assets within the pension are held in trust, they are protected from company and personal creditors.
How does it work for you?
Trustees of the SSAS, enable investment decisions to be taken that are appropriate to the membership, rather than the blanket approach to permissible investments offered by a number of SIPP and Personal Pension operators.
How does a SSAS protect you?
In the event of death, divorce or bankruptcy, a trust can serve as a protection to your assets – as the trust ensures that money is not ‘owned’ by the trustees, and cannot be counted amongst any financial holdings.
When a trust is implemented, the assets in the trust do not add to your beneficiary estates, after death. This also ensures that the assets in the trust cannot be affected by claims of bankruptcy, and in the event of a second marriage, the new spouse cannot gain access to the assets in the trust providing you have in place a nomination of beneficiary form. This adds further protection to your children or other beneficiaries after your death. A trust also prevents your assets from being taxed a second time with the use of Inheritance Tax.
If you would like more information on implementing a trust and or a Small Self Administered Pension Scheme to protect your assets, or you would like to discuss your current death planning solution, please get in touch with Pension Practitioner and or Protection Practitioner. Please remember that estate law can be complicated, and do not to be tempted to use this article as advice for any personal planning. Each strategy recommended is based on individual circumstances.
Your Wealth Protection Pointer:
Check out our video for inheritance tax facts made simple.
Trust law is a complicated thing. To make sure you get things right, it’s essential to get professional advice before setting up a trust. Always talk to a solicitor or an estate planner. For any guidance on your tax planning or asset protection, get in touch with firstname.lastname@example.org for advice you can rely on.
The benefits of SSAS: