Talbot and Muir

Small Self Administered Scheme (SSAS)

A SSAS is a fee-based pension fund most suitable for controlling directors of limited companies. It combines the full tax advantages of an approved scheme with control of costs and investment flexibility, giving it benefits over conventional pension schemes.

We provide independent trusteeship through our specialist trust company, TM Trustees Limited, who act jointly with the member Trustees to fulfil the formal role of Administrator, in compliance with HMRC regulations.

HMRC allows a SSAS to enjoy favourable tax treatment both on investment gains and income, and upon the distribution of retirement and death benefits for members. In brief, those tax benefits are as follows:

• The contributions paid by a company to SSAS may be allowed as trading expenses and, subject to HMRC rules, can be set off against profits for Corporation Tax purposes.
• Member contributions are allowed relief at the highest marginal rate of Income Tax paid (subject to HMRC limits).
• The investments of the pension fund are largely free of Income Tax and Capital Gains Tax.
• In the event of a member's death before retirement, the lump sum benefits payable to beneficiaries will not normally be subject to Inheritance Tax.
• Upon retirement, the member can enjoy part of his accrued fundas a tax-free lump sum.

To ensure that the SSAS receives full tax benefits, we will ensure that the scheme is registered in accordance with appropriate legislation and regulations laid down by HMRC.