After you have spent your working life building up the value of your SSAS there will come a day when you will look to start drawing benefits. The earliest that a member can draw benefit is age 55 in the UK.

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We at Excel have, ensured that the trust deed and rules that govern your scheme are fully up to date, and therefore reflect the new pension freedoms that were introduced in April 2015.

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Members may still draw up to 25% of their fund as tax free cash, with the remaining funds being available to provide an income, which can be taken in several ways. Any income taken will be subject to income tax at the member’s highest marginal rate.

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Members may want to consider carefully how much income they draw on an annual basis, as the flexibility offered by the SSAS affords an opportunity to plan out the amount of income taken and therefore any tax that may be due