The aims and benefits of a SSAS
A SSAS is designed to provide members with: –
- A tax efficient way to save for retirement.
- Flexibility as to the amount of money contributed to the SSAS.
- More flexibility than a traditional company or personal pension over how the SSAS is invested to provide for retirement.
- More control over the pension scheme than a traditional company or personal pension scheme.
- Different benefit options when deciding to retire (from the age of 55 onwards), including;
– a tax-free cash lump sum.
– the option of using the pension fund to buy pension income from an insurer (known as an annuity).
– alternatives to taking an annuity, such as drawing an income from the fund, or taking benefits in stages.
– the ability to provide retirement benefits for a spouse, civil partner, nominated beneficiaries and/or financial dependants on death.