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Since 1974, Company Directors have been able to establish occupational pension schemes which give them control over their investment funds. For the profitable business owner, a Small Self-Administered Scheme (SSAS) could be the first choice for retirement planning due to its flexibility and wide investment powers.
Profits left in a company, or withdrawn as dividends or income usually incur substantial tax charges and possible National Insurance payments. Investing profits in a pension scheme with the associated tax advantages this brings, may seem a better answer. This is particularly appropriate where the scheme members have the ability to control the funds held by the scheme.
A SSAS provides a tax-efficient environment in which a company’s profits can be invested to provide significant retirement benefits for directors. As the fund grows it can work for the company and its directors and still generally be free from creditors should the business fail.
A SSAS gives company directors the opportunity to make their pensions work harder prior to retirement by giving them control over their investments. Unlike other pension schemes the directors can invest their pension funds in their own company, for example through share purchase, loans or by purchasing commercial property to lease back to the company.
With good corporate financial planning advice, innovative entrepreneurs can make their pension funds work for their business whilst building up a substantial pension fund to benefit them in retirement.
This information reflects the regulatory and taxation situation as it affects pensions at the time of publication in April 2017 and is provided to the best of our knowledge. It is not a complete representation of the pensions legislator landscape and is for guidance and information purposes only. We cannot be held responsible for any errors, omissions or subsequent legislative changes.
For further information on your pension scheme administered by Morgan Lloyd, or any enquiry, please do not hesitate to call and one of our team members will be happy to helpView more