Changing lanes: Small self administered pension schemes (Ssas) may be the best thing that ever happened to director owned businesses but there are several good reasons for transferring to a Sipp prior to retirement

Article Abstract:

Small self administered pension schemes (Ssas) provide flexibility for business owners in pension benefits. Controlling directors may wish to use a Ssas during their working lifetime. There is no requirement to buy an annuity on retirement until age 75, and tax free cash and pensions can be directly paid from fund assets in the interim. Many directors transfer from a Ssas to a self invested personal pension (Sipp) before retirement as benefits can be taken any age after 50, and individuals can take any amount between 35-100% of pension entitlement.

Planning

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Self starters: Self invested pension plans (Sipps) offer a sophisticated and flexible retirement planning vehicle but there are several key factors of which to remain aware

Article Abstract:

The first small self administered schemes (Ssas) for pensions became available in 1977 for the controlling directors of private companies, and many rules for self invested personal pension (Sipp) investment arose from the experience of the Ssas market. Sipps were mainly used as a transfer vehicle, but the self invested route is appealing due to its simplicity of operation. Sipps also offer transparent and controllable costs along with investment control and flexibility.

Purchasing

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Out in the cold: With profit returns may be consistent but it is consistent underperformance

Article Abstract:

With profits policies have been written in conventional form, but this is being replaced by unitized with profits. Conventional with profits pension policies have a guaranteed capital amount with reversionary bonuses added each year. The premiums in a unitized policy are used to purchase units in a with profit fund, where the value of units is guaranteed not to drop. Contributions can be varied, stopped and started again more readily with unitized contracts

Management

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