A Rowanmoor SSAS provides its members with control of one of the most important aspects of their personal wealth management; retirement planning.
A Rowanmoor 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.
- A pension commencement lump sum, or 25% of an uncrystallised funds pension lump sum, can be taken from age 55, free of tax.
- Comprehensive, flexible retirement options enable retirement income to be phased.
- Death benefits can normally be paid, free from inheritance tax, before age 75.
Businesses can also benefit from a Rowanmoor 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. For more details please read the SSAS client scenarios in the library.
- 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.
- Pension fund wealth can be retained within the SSAS for use by future generations of a family-owned business.
We also offer a Solo SSAS, for individual business directors and 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 Rowanmoor 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.
Service provided under a Rowanmoor SSAS?
Rowanmoor is the UK’s largest independent SSAS provider, and we are 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 Scheme Property Teams. To find out what our customers say about us please read our testimonials.
The independent trustee and scheme 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 HM Revenue & Customs (HMRC) compliance and audit regime.
As scheme administrator, Rowanmoor Executive Pensions Limited is responsible to HMRC for the establishment and running of the SSAS. Our 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;
- calculating and reviewing benefit payments;
- technical support regarding the scheme, its investments and benefits;
- preparing unaudited scheme accounts as at 5 April each year to coincide with HMRC’s reporting requirements;
- liaising with HMRC where necessary and filing the scheme reports required by them;
- making any payment due to HMRC from the scheme bank account.
Accounts need not be audited provided all members are trustees and trustee decisions are made unanimously. We offer scheme accountancy services. Please contact us if you would like further information about this service.
We will give guidance to 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 SSAS. You can visit our SSAS literature library for more details. If you have a specific question or if you would like to request for a SSAS Fees and Services schedule, you can contact us, email us or send your questions via our enquiry box on the right hand side.