Benefits of a Rowanmoor Pensions SSAS
Rowanmoor Pensions’ role in a SSAS
A Rowanmoor Pensions SSAS provides its members with control of one of the most important aspects of their personal wealth management; retirement planning.
A Rowanmoor Pensions Small Self-Administered Scheme (SSAS) is a registered pension scheme with 11 or fewer members. It is designed for use by business owners, who might be company directors, members of a partnership or self-employed, for themselves and their employees.
For the entrepreneurial company director or proprietor, a SSAS is not only a pension fund to build for financial security in later life but also an excellent tool to assist in achieving business economic success.
The SSAS is established under trust by an employer, known as the principal employer, for the benefit of the scheme members who are member trustees of the scheme. This means the members, as trustees control all aspects of the SSAS’s investment strategy and the payment of any benefits.
A SSAS has considerable tax benefits, wide investment opportunities and flexible retirement options.
- Members’ personal contributions normally benefit from tax-relief.
- Investments (other than dividend income) grow free from UK capital gains tax and income tax; and are protected from creditors of the employer and personal bankruptcy.
- A pension commencement lump sum can be taken from age 55, free of tax. Flexible retirement options include the ability to move into a scheme pension when taking benefits.
- Lump sum death benefits can normally be paid, free from inheritance tax.
Businesses can also benefit from a Rowanmoor Pensions SSAS. The advantages it offers in financial and business continuity planning are greater than those available from other types of member-directed pension schemes, and can add wealth to an enterprise.
- Contributions made by the employer qualify for corporation tax relief in the year they are made provided they are wholly and exclusively for the purposes of the employer’s trade.
- Loan up to 50% of the net assets of the scheme back to the principal employer (or any other participating employer);
- Buy commercial property either from the establishing or a participating employer, or indeed any third party and lease it back to the employer, or a third party, at a commercial rent.
- Borrow up to 50% of the net assets of the scheme either to fund an investment, or to help finance other trustee commitments such as the payment of pension or death benefits.
Rowanmoor Pensions also offers a Defined Benefit SSAS (DB SSAS), which can be used by employers who wish to maximise the provision of pension benefits for directors and key employees in a given tax year.
For more information about the Rowanmoor Pensions SSAS products, their scheme setup, and their benefits, please read our SSAS literature. If you have a specific question, you can contact us, email us or send your questions via the enquiry box on the right hand side.
What is Rowanmoor Pensions’ role in a SSAS?
Rowanmoor Pensions is the UK’s largest independent SSAS provider, and we are well renowned for our expertise and outstanding service in the field of self-administered pensions. We offer a bespoke service to our clients and provide members with a dedicated SSAS administrator who delivers a personal and professional service. Customers are also supported by our experienced Consultants, and specialist Pensions Technical, Actuarial and Property Teams. To find out what our customers say about us please read our testimonials.
Under the Rowanmoor Pensions Small Self-Administered Scheme (SSAS) the principal employer appoints Rowanmoor Trustees Limited as independent trustee and Rowanmoor Group plc as the scheme Administrator.
The independent trustee and Administrator roles are central to the successful management of the scheme. This is primarily because of the complex nature of pensions and taxation legislation and the need to have a detailed knowledge of Her Majesty’s Revenue and Customs (HMRC) compliance and audit regime.
As scheme Administrator, Rowanmoor Group plc is responsible to HMRC for the running of the SSAS. Rowanmoor Pensions’ other services include:
- providing legal trust documentation to establish and govern the SSAS and, where necessary, amending it;
- registering the scheme with HMRC;
- SSAS administration services;
- keeping records of all scheme investments, income and expenditure;
- technical support regarding the SSAS, its investments and benefits;
- preparing annual scheme accounts;
- liaising with HMRC where necessary and filing the scheme reports required by them;
- making any payment due to HMRC from the trustee bank account.
Accounts need not be audited provided all members are trustees and trustee decisions are made unanimously. Rowanmoor Pensions offers scheme accountancy services Please contact us if you would like further information about this service.
Rowanmoor Pensions will advise the member trustees on the regulations affecting their SSAS and the requirements of legislation, and help them and their advisers maximise the opportunities available to them under the SSAS. Representatives from the company are available to attend trustee meetings.
This information relates to the Rowanmoor Pensions SSAS. You can visit our SSAS literature library for more details. If you have a specific question, you can contact us, email us or send your questions via our enquiry box on the right hand side.
