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Earlier in February, the pound fell to a seven year low against the dollar, following economic concerns about the potential British exit from the EU, after the date for the referendum was set for June 23.
The economy hates instability, and that is exactly what has been introduced by the referendum. Experts are predicting that the pound will continue to weaken over the next few months.
The short-term effects of a Brexit are predicted to be negative for the stock market in London, as well as for the pound. This is largely down to the uncertainty that will remain, should Britain leave the union.
So how can you protect your portfolio?
When the economy becomes uncertain, and fluctuations are exacerbated, it is prudent to look into the estate planning options available to you. A SSAS can be a very useful tool as part of your planning to protect yourself against economic concerns. Members are also the trustees and beneficiaries of the SSAS, which means they are investing funds for their own benefit.
HMRC rules allow for more control and a greater range of investments to be held within a SSAS than with a traditional personal pension plan.
Offering flexibility and business liquidity, a SSAS operates under the umbrella of a trust. Being individually registered, SSAS do not collapse if the provider fails, in a similar way to if a member trustee dies.
The penalties for falling foul of the SSAS rules are severe, so it is vital to consult with trusted experts Pension Practitioner before moving forward.