Old Mill have waived costs for the rest of 2017 to switch your SSAS provider
6 September 2017
Small self-administered pension schemes (SSAS) are a popular planning vehicle for business owners with the ability to purchase commercial property from any party and rent it to the business or lend money from the SSAS to the business.
There are many SSASs in existence and an increasing number of schemes where the Trustees are unhappy with their current SSAS provider for various reasons including costs and services. The good news if you are in this position is that there is no need to break-up your scheme, it is possible to appoint new professionals to run the scheme instead.
Over the past 18 months Old Mill have seen a marked increase in the number of schemes that we run which have grown by over 20%. Many of these have come from SSAS schemes already in place where we have taken over the running of the schemes.
The past few years have seen a number of changes to pension legislation. To avoid tax penalties it is essential that registered pension schemes comply with the new regulations and reporting requirements. Old Mill can assist you and ensure that your pension complies with the updated legislation no matter how complex your scheme is. We give you all the information you need to make informed decisions about your scheme and make certain that the administration runs smoothly.
Old Mill act as scheme practitioner and can deal with the responsibilities of a scheme administrator on your behalf. The Scheme Administrator has a highly responsible role and protects the member trustees from falling foul of making unauthorised payments or breaching tax regulations which would result in potential penal tax charges.
For the rest of 2017 Old Mill are waiving all initial fees for work undertaken in relation to the transfer of the running of existing SSASs to Old Mill. This free service includes an initial review meeting, provision of legal documentation to change the scheme trustees and rules if they are not up to date with current legislation, reporting changes to HMRC and Pensions Regulator and arranging registration of scheme assets and amending bank signatories.
Should you wish to discuss your existing SSAS or would like to find out more about SSASs and arrange a free no obligation consultation meeting with a pensions manager, please speak to your usual Old Mill contact and a Pensions Manager would be happy to discuss your individual circumstances.
A SSAS has the ability to pool together individuals’ pension savings to purchase investment assets they would otherwise not be able to acquire individually.
This can help meet the needs of business owners who wish to set up a pension arrangement for a small group of co-directors and key employees. This offers businesses a wide range of potential investments including stocks and shares, unit trusts, investment trusts, Open Ended Investment Companies (OEICs), deposit accounts, as well as loan backs and commercial property providing greater flexibility and investment control over their pension arrangements.
SSAS also offers favourable tax benefits including:
- Company contributions qualify for corporation tax relief
- Contributions by members are free from income tax
- Investments growth is free from income tax and capital gains tax
- A tax free pension commencement lump sum of 25% of a members fund can be taken from age 55
- Lump sum death benefits are free from inheritance tax.