What are the benefits of a SSAS?
First and foremost, greater control of combined retirement assets. The Members/Trustees control investment decisions and the professionals that they employ to assist them.
Allows business owners and key staff to pool their investments allowing greater investment and scope for larger investment than individually.
A wide range of investment flexibility that can be tailored to specific scheme and Member requirements.
Allows the cascading down of assets and wealth to subsequent generations through the trust structure.
Can provide cost efficiencies through scale for multi-Member scheme.
Fees are not dependent on size of fund and relate to simply to the administrative costs.
Purchase of commercial property through a single scheme is less complex and potentially less expensive than multiple SIPPs (with rent paid into the pension fund).
Loanback facility to the founder or associated employers (unavailable through SIPPs) with interest paid back into the pension fund.
What are the disadvantages of SSAS?
No more than 11 Members can join a SSAS and benefit from the legislative easements they enjoy.
The small membership and illiquidity of assets means retirement or transfers away from the scheme must be planned in advance.
The legal and administrative duties are the responsibilities of the scheme Members and Trustees but WestBridge SSAS are able to assist in this area.
Become cost effective once total fund values exceed £150,000.