What is a SSAS?

  • A SSAS is a Small Self Administered (Pension) Scheme
    • It would be better described though, as an Executive Small Self Invested Scheme
    • It is like a SIPP, but is for Directors only
    • It can be taken out by one or more (max 11) Directors of a Company
    • It is particularly ideal for family owned companies
    • In many ways it is much better than a SIPP
  • SSAS have potentially significant advantages; they are explained below
    • Are there three or more of you interested in self investing?
      • If so, a SSAS is cheaper to set up and run than SIPPs
    • Do you want to buy a commercial property or similar major assets?
      • A SSAS can own the property, it is legally neater and cheaper than having a number of SIPPs jointly own the property and gives the company more control over the asset
  • Do you already have a SSAS in place?
    • Is it with Scottish Equitable, Norwich Union, Scottish Amicable, Pru or Hazell Carr? (many other SSAS providers also come into this category)
    • If so, you may potentially be in serious trouble
    • Many Scheme Administrators resigned on A Day (they would have sent you a letter; you may not have fully understood what it meant)
    • What it does mean is that the legal responsibility for running the SSAS is now down to YOU
    • But you will still be paying the same fees (maybe more) as before
    • Under the new rules, if anything goes wrong it is your fault – and you get fined!
    • You NEED a Scheme Administrator to sort out the legal stuff for you!
    • We act as Scheme Administrators and don’t charge anything extra for this

Notes for IFAs

  • SSAS are provided by Brooklands Trustees Ltd which is a self invested pension’s administration company and is authorised and regulated by the Financial Services Authority (FSA).
  • As a pension’s company we lead the way for overseas property and are willing to consider any location for commercial (HMRC non-taxable) property.
  • We offer a bespoke personal service for introducers which includes white labelling and assisting with structuring new innovative pensions investments.
  • The Brooklands SSAS has a professional trustee willing to allow investment in the full range of HMRC non-taxable investments whilst working closely with the advisers and clients.
  • For a family business a SSAS offers more control to the family with all members being trustees as well as full control over how funds are invested. The Brooklands SSAS allows loan-backs (subject to regulatory limits) to the Principal or Sponsoring Employer of the Scheme which provides added flexibility regarding company financing.
  • The Brooklands SSAS allows Scheme Pension to be taken (legislation permitting), as well as an Unsecured Pension. This provides the clients with addition flexibility and choices at retirement. The Brooklands SSAS allows associated party transactions subject to being on a commercial basis and supported by fully independent market valuations.
  • If there is more than one member of the SSAS then they could also benefit from economies of scale and result in lower overall costs.
  • Many Professional Trustees have resigned their position as a Trustee leaving their members to face the administrative responsibilities alone but they continue to charge for administration services that are not being provided. We are happy to take over the responsibilities of Professional Trustees for these clients.
  • Full marketing and technical data will be sent to you when you enquire.