Excel Pensions - SSAS Specialists
SETTING UP A SSAS
A SSAS should be the pension vehicle of choice for any entrepreneur and business owner, who is looking for; maximum tax efficiency, the ability to create long term wealth for themselves and their family, whilst having access to investment flexibility and a pension plan that can support the business.
SSAS is a pension trust set up under occupational pension scheme rules, and is established by a sponsoring employer. The SSAS is a pension scheme belonging to the employer, and is for the benefit of the scheme members.
An Excel SSAS is individually registered with and approved by HMRC. All members are designated “Member Trustees” meaning every investment made by the SSAS must be unanimously agreed upon by all members.
Upon approval, a dedicated bank account is established for the SSAS. Once open, the SSAS can then receive contributions for the benefit of members and apply for transfers of any existing pension benefits that the members may hold.
WHO CAN BE A MEMBER
A SSAS is normally set up for the owner(s)of the business. Following recent pension rule changes, it is well worth considering setting up a SSAS for each of the business owners, as there are distinct advantages in adding family members of their immediate family.
The good news is that they do not need to be employed by the sponsoring to be a member. The maximum number of members in a SSAS is 11.
WE CAN HELP
Advise on the suitability of the sponsoring employer
Who can be members of the SSAS
Complete all of the application forms
Submit the application to HMRC on behalf of the scheme
Set up a bank account for the SSAS
Request transfers from other pension providers
Complete all of the regulatory returns required to keep the SSAS compliant
Provide annual statements and valuations
Notify you of any relevant changes in pension laws