A Rowanmoor Defined Benefit SSAS offers employers the means to provide pension benefits for their directors and key employees within specific funding limits. It is an occupational pension scheme designed for employers who want to maximise the provision of pension benefits for directors and key employees in a given year. The Rowanmoor Defined Benefit SSAS provides the benefits of a SSAS with a defined level of scheme pension for members at normal pension age.
The scheme actuary ensures the provision and funding of benefits comply with HM Revenue & Customs limits.
Employer contributions will be limited to those calculated by the Scheme Actuary for an appropriate level of annual benefit and will be detailed in the member’s benefit schedule.
Contributions may not exceed the funds required to provide the maximum annual pension accrual, in a given tax year. Tax relief will be received in the year contributions are made provided they are wholly and exclusively for the purpose of the employer’s trade.
Members can only contribute to the scheme at a rate determined by the employer. Tax relief will only be granted on contributions up to 100% of the member’s earnings in any tax year; up to the annual allowance and any unused qualifying annual allowance carried forward from previous tax years.
Pension benefits calculated by the scheme actuary, will be treated as earned income and will therefore be liable to income tax. Pension benefits may be taken as listed below.
- A scheme pension, paid to the member by the scheme over the member’s lifetime. The pension normally cannot be reduced year-on-year.
- A lifetime annuity purchased from a life assurance company. The annuity must be payable up to the member’s death or the end of any guarantee period should the member die within this period.
We also provide Actuarial Services to small self-administered schemes and small group pension schemes.
Please note the Rowanmoor Defined Benefit SSAS is a specialised product, and a feasibility report needs to be completed prior to an application for a scheme being made, interested parties should contact us for further information and to discuss their requirements.
For further information about Rowanmoor Defined Benefit SSAS please read our Defined Benefit SSAS literature. If you have any specific questions regarding the information provided on this page please send your questions via the enquiry box on the right hand side or email us.