Designed to clarify some of the more technical aspects of SSASs and aimed at professional advisers. Please feel free to download and come back to us with questions.
Questions & Answers
Common wisdom says the only daft question is the one you don't ask!
Please feel free to search our forum of previously asked questions. If you can't find what you are looking for, send your own question and we will gladly come back to you with the answer.
Is it necessary for all members to be trustees?
Yes, to benefit from the reduced compliance burden of larger schemes, all members must also be trustees
Are SSASs regulated?
Yes, SSASs are regulated by the pension regulator and HMRC provides guidelines around their use. Although it is not mandatory, it is always advisable to engage a professional administrator and have a professional trustee working with you.
I’ve heard from a colleague that if I set up a SSAS I can lend funds back to my limited company, is that correct?
Yes, this is possible. However, there are restrictions, including:
• The scheme can only lend 50% of its net assets
• The loan must be secured on an acceptable asset
• The loan must be repaid over a maximum of five years
• The loan must be repaid in equal instalments of capital and interest
N.B. The main point to understand is that although a loan is taking place, the trustees are in fact making an investment in the sponsoring employer. As such they should be confident that the sponsoring employer is a good investment and they should be confident that the company will make the repayments. Its always worth calling us at SSASpro for more details and discuss this option before proceeding to establishing your SSAS.
Can I transfer a current pension into a SSAS?
The simple answer is yes. However, with all transfers it is advisable to consult with a regulated IFA. If the scheme to be transferred is a defined benefit (also known as a final salary scheme) it is mandatory.