Case study 06.01.2009
Read our case study on income planning to find out how a company director, close to retirement and with little pension provision, can start funding for retirement.
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Members' Benefits
Members may start to take their benefits at any time from age 55 (age 50 until 5 April 2010). Benefits must have commenced by age 75. The use of all or part of a fund to provide benefits from the scheme is called a crystallisation event.
A member does not have to retire or stop work in order to take benefits from the SSAS. Benefits may be taken in stages; the full value of the member's fund does not have to be used to provide benefits at one time.
When a member takes benefits from the scheme the total value of their pension funds from the SSAS and any other pension arrangements they have will be tested against the current lifetime allowance. If the lifetime allowance is exceeded, there will be an additional lifetime allowance tax charge unless the member has the necessary pension fund protection.
This information relates to the Rowanmoor Pensions SSAS.