Platinum SSAS

A SSAS is a registered pension scheme under Chapter 2 of Part 4 of the Finance Act 2004, established by an employer to provide pension and benefits to beneficiaries for its directors and senior employees.

The scheme is established by trust deed and rules and all members will be appointed to act jointly with Platinum Trustees Limited, as trustees of the scheme and scheme administrators for the purposes of Finance Act 2004.

As trustees, the members will be able to decide how the assets of the scheme are invested, subject to the limitations described below. Members will also have considerable flexibility over the form, and timing, of their benefits.

The trustees, as scheme administrators, will be legally responsible for ensuring that the scheme meets the requirements for registered schemes set out in Finance Act 2004. However, InvestAcc Pension Administration Limited will take on much of the day–to-day administration work and will provide the services set out in the Terms of Business agreement with the trustees.

Please get in touch if you would like to see a copy of the Terms of Business agreement.

A SSAS is typically established by a limited company for the benefit of its directors, senior employees, and in some cases family members. Membership is usually restricted to a small number of individuals, often up to 11, who become trustees of the scheme alongside the sponsoring employer and the professional trustee.

Contributions can be made by the employer, by members personally, or by transfer of existing pension benefits. As with other registered pension schemes, tax relief is generally available on eligible contributions, subject to the usual HMRC limits and rules. Contributions paid by the company are usually deductible from pre-tax profits effectively reducing the company’s corporation tax liability. Any personal contributions paid by the members are relievable against income tax at the members highest marginal rate, subject to the maximum annual allowance.

Please note that we only accept applications for new SSAS arrangements where the sponsoring employer is a UK-registered company.

The trustees can invest in a broad range of investments, all of which accumulate free of income and capital gains taxes. These include:

• UK-quoted stocks, shares, gilts and debentures
• Shares quoted on the Alternative Investment Market (AIM)
• Stocks and shares traded on a recognised overseas stock exchange
• Futures and options relating to shares quoted on a recognised stock exchange
• Unit trusts, investment trusts and OEICs
• Hedge funds
• Insurance company funds
• Bank and building society deposits.

The trustees can invest directly in commercial land and property but, apart from a small number of exemptions, there must be no residential element involved.

The purchase of commercial property within a SSAS has proved very popular as the property is effectively purchased with funds that have enjoyed the benefit of tax relief. Purchasing property from the sponsoring employer can assist in raising funds within the business, whilst the trustees retain control of the property. Any property held within the SSAS is sheltered from creditors of the business in an environment where all rental income and capital gains are free of tax.

All property transactions must take place on an arm’s-length basis. If the property is being purchased, sold or let to a sponsoring employer, a member, or any ‘connected’ person, the value of the property and the rental value must be confirmed by a chartered surveyor. ‘Connected’, for this purpose, is defined in section 993 of the Income Tax Act 2007. The definition is quite complicated, although it does include the member, close members of their family and any business with which they are associated.

Read the full list of Platinum SSAS permitted investments

Subject to the agreement of the trustees, members can access their pension, irrespective of whether or not they continue to work, at any time from age 55 (57 from April 2028). It may be possible for members to access their pension earlier if they are in ill health.

Members can choose to access all, or only part, of their fund. This will enable them to phase benefits to suit their own personal circumstances.

Review the Platinum SSAS Member’s Guide for more information.

We quote fees on a case-by-case basis, commensurate with the level of work involved for each SSAS.

Get in touch for more information.