What is a SSAS

SSAS stands for ‘Small Self-Administered Scheme’. It is a type of pension scheme designed for a small number of members, or even only one member, who want more control over their pension arrangements and more investment flexibility.

A SSAS is a ‘registered pension scheme’. This means it enjoys significant tax advantages compared to pension schemes that are not registered with HMRC. As it can access these tax advantages, a SSAS must be registered with HMRC.

A SSAS is also a type of occupational pension scheme i.e. a scheme that is established by a company or an employer for the benefit of its directors or employees. SSASs are often popular with business owners, but the control and flexibility that a SSAS offers can make them appealing to a wide range of people.

Like most pension schemes, a SSAS is set up under trust. A trust is a type of legal arrangement where someone (called the trustee) agrees to look after money on behalf of others (called the trust beneficiaries). All members of a SSAS must also be trustees of the SSAS. It is this feature of a SSAS that gives members more control over their pension scheme than is available under a traditional company or personal pension scheme.