We believe that all Business Owners should at the very least be made aware of the options and benefits available to them with a SSAS.
Don’t worry, you aren’t the first person to wonder why you haven’t heard of SSAS. We find that many clients are bemused or frustrated that they haven’t been told about SSAS, where it clearly offers great benefits and opportunities for them as business owners.
We hear these questions every day from clients and their advisers:
- Why I haven’t I heard of SSAS?
- Why hasn’t my Accountant mentioned it?
- Why has my Financial Adviser not recommended it?
- It seems too good to be true?
This needs to be understood in context;
- SSAS is designed specifically for Business owners and is not a retail / mass market product
- SSAS has been in existence for almost 40 years
- SSAS is an HMRC approved Occupational Pension structure, like all pensions offered by all household name / large UK employers
- SSAS is Regulated – by The Pensions Regulator (TPR), who regulate all Occupational Pension Schemes in the UK
This is a specialist area of expertise, within a specialist sector, and whilst tens of thousands of SSAS’s exist in the UK, it is not and is not intended to be a mass-market product.
Many accountants are unaware of SSAS and the Tax benefits and design benefits that can aid and assist their clients. It is not their area of expertise. Many accountants feel, incorrectly, that SSAS is an FCA regulated process that they should not become involved with in case of professional risk.
IFA / Financial Advisers?
Many Financial Advisers do not specialise in this sector, and many do not feel comfortable operating in a non-FCA regulated environment, or are unable to due to compliance restrictions. Many other advisers feel that SSAS is not commercially viable for them, due to the self-investment nature of SSAS and the potential for an adviser to be side stepped in that process. Disappointing, although incredibly common.