Why did we create the i-SSAS?

 

It’s no secret that auto enrolment has sparked a huge change in workplace pensions, and put them on the radar for a lot of business owners. They’re speaking to their accountants, asking for advice, and implementing pension schemes to benefit their employees.

 

This has inevitably lead to business owners also looking at their own pension, their own retirement fund, and wanting more. We’ve seen a huge surge of enquiries at SSASCo from business owners wanting the benefits of a SSAS pension scheme, but who don’t need the full multi member features because they are the sole director of their company.

 

And so, we developed the i-SSAS. A SSAS pension scheme for single members, a fund for the retirement that business owners have always dreamed of, and a fantastic tool to use for the growth of their business.

 

If your client is looking for a new director’s pension scheme, our i-SSAS could be the exact solution they need.

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The i-SSAS is essentially a version of a normal SSAS (small self-administered scheme) but developed by us especially for sole directors or executives.

 

Whereas the full SSAS is ideal for companies with up to 11 directors, and has features to suit this, our i-SSAS is a version of the scheme which doesn’t include these multi member features.

 

The i-SSAS is recognised by HMRC and can be registered with them too, and is a trust based occupational scheme where the single member of the pension acts as the trustee, as well as having a corporate trustee to support and advise them.

 

Each i-SSAS scheme will also have its own PSTR, or Pension Scheme Tax Reference number, to identify it.

 

If you have a client who is a business owner, looking for a flexible scheme with the ability to invest and grow their funds, and also use the pension to support their business, the i-SSAS is the ideal choice.

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Our i-SSAS scheme is a great, flexible tool for enabling business owners to build the retirement they’ve always wanted whilst funding the growth of their company.

 

One of the most attractive things that can be done with an i-SSAS is using it as a method of buying commercial property. This can be achieved by using the assets within the scheme to purchase the property, or making the most of the loan back facility, which can be used to loan 50% of the scheme assets to the business.

 

Speaking of commercial property, the i-SSAS is able to accept in-specie contributions into the scheme – and it can also accept contributions from the sponsoring employee (the director’s business), and transfers from existing pensions so clients can have everything consolidated into one scheme.

 

And, if that wasn’t enough, there’s a huge range of investment options to choose from.

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The i-SSAS is a pension for individuals, meaning it’s best for trading limited companies with only one director – and the flexibility of the scheme makes it great for people who want to be actively involved in the way their funds are invested, and those looking to potentially use the scheme to benefit their business.

 

Essentially, the i-SSAS is a fantastic option for business owners who want more from their pension, and who want to build as secure a retirement (and future for their family) as possible.

 

With regards to Accountants, we want to reach out to you to talk about the benefits of the i-SSAS and whether it would work for any of your clients. If you’ve had business owners turning to you for advice about their personal pension, we can help them to set up an i-SSAS scheme.

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It’s tax efficient

 

There’s several ways business owners can utilise their i-SSAS to save them money in taxes. The biggest is through the actual contributions made into the scheme from the sponsoring employer – because these are classed as an allowable business expense, they can help to decrease how much corporation tax a business will pay. And, when the member reaches the age to draw funds for the scheme, the first 25% is completely tax free.

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Very flexible

 

Especially when it comes to contributions, as there is no requirement for fixed regular contributions. This allows members to pay in the amount they want to the scheme, when they want to, enabling them to be more reserved with funds if their business needs it.

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It can be converted to a multi member SSAS

 

We know that in business, things change, which is why our i-SSAS is flexible enough that it can be changed into a full SSAS pension, including all the multi member features that come with that, if you need it to.

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You can transfer your existing pension

 

It’s quite likely that members already have some sort of pension, whether it’s from a previous job or something they’ve already set up. With an i-SSAS, existing pension rights can be transferred into their new scheme, and those fund can then be used for something like a loan back or commercial property through the features of the scheme. Consolidating all pensions into one pot is something we strongly recommend – it helps keep fees down and provides more options for how to use the fund.

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It’s more secure and controllable

 

Because the i-SSAS is a trust, the assets within it are safe from creditors if the worst should happen and the member’s business runs into financial hardship. The i-SSAS also provides a lot of control for the member with regards to where and how their funds are invested, with more options than other similar schemes available.

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It uses a Corporate Trustee

 

The advice and support of a corporate trustee is invaluable, which is why we provide one with all our i-SSAS schemes. A corporate trustee is able to advise clients on which investments and transactions fall in line with HMRC – though actual investment advice would need to be sought from a Regulated Financial Adviser.

Get in touch today to find out more!

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