50% Loan to your Business
With a SSAS Small Self Administered Pension Scheme
Take Control. Self Manage your Pension Scheme
Helping your business get back
on its feet
Lend up to 50% of the Fund back to your Business
Use a specialist SSAS Providers
for a comprehensive Service
A well set up SSAS can provide for you and your business

SSAS Providers

Fenwick SSAS Providers provide services to the public. We pride ourselves on delivering a fast and efficient pension scheme set up service and find that due to the growth in members wanting more control of their pension scheme investment, a small self administered pension scheme (SSAS) is a popular choice.

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SSAS Loans

Generally a SSAS can lend up to 95% of the net vlaue of the fund to unconnected third parties. And although loans to members and those connected to them are prohibited, a SSAS unlike a SIPP may lend to the SSAS sponsoring employer, in effect your business.

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SSAS Explained

Members of occupational pension schemes generally have little say over the way in which the fund is managed. This explains the popularity of Small Self-Administered Schemes ('SSASs') which are usually company-based schemes set up specifically for the benefit of the company directors. SSASs give their members a much higher degree of control and power of investment than is possible in a more conventional occupational pension scheme and consequently they fulfil a similar function in relation to occupational pension schemes as self-invested personal pensions do in relation to personal pension plans.

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Occupational pension scheme

An occupational pension schcme is one that is established to provide benefits for people with service in the employment (or self~employment) described in the scheme rules, although it may also provide benefits to members who are not in that kind of employment (or self-employment).

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Public service pension scheme

A public service pension scheme is an occupational pension scheme established by or under an enactment, or a royal charter.

Group Personal Pensions

These are alternatives to occupational pension schemes and involve personal pensions taken out in the name of the employee into which both the employer and employeee contribute. A personal pension scheme it is a pension scheme that is not an occupational pension scheme. It has to be established by a person who has permission under the Financial Services and Markets Act 2000 to establish a personal pension scheme or stakeholder pension scheme in the United Kingdom.

Setting up an Occupational Pension Scheme

Most pension schemes set up by employers for the benefit of their employees satisfy the definition of an occupational pension scheme in the Pension Schemes Act 1993, provided that the main administration of the schemes is in the United Kingdom. The next issue to address when establishing an occupational scheme is the rule that an occupational pension scheme with its main administration in the United Kingdom must be established under irrevocable trusts. In addition, before an occupational pension scheme can accept funding payments, it must have proper written rules about the benefits it is to provide. As a result of these requirements, the documentation for the establishment of an occupational pension scheme usually consists of a trust deed setting out the basic constitution of the scheme and a separate set of rules setting out the scheme benefits. When interpreting the trust deed, a legal adviser should be aware that pensions legislation has modified many trust principles to suit the particular needs of pension schemes.

Our Services


Our SSAS Providers and solicitor draft despoke SSAS documentation to enable the set up of your pension scheme

Advice on HMRC SSAS Tax Charges

HMRC rules on registered pensions are complex and there are many events that can give rise to a tax charge within the scheme or on scheme members personally. These include unauthorised member or employer payments, contributions in excess of the annual allowance, fund values in excess of the personal lifetime allowance on taking benefits and taxable property being held in SIPPs and SSASs. As a result of the complexity, it is recommended that professional advice be sought, especially where larger contributions are contemplated, the lifetime allowance is close to or has been exceeded or specialist investment is being considered.

Defined benefit (salary related) pension schemes

In defined benefit pension schemes (also known as salary related schemes, including final salary and career average schemes), the benefits the member is to receive are calculated using a formula, usually based on the member's length of service and related in some way to his final or average salary.

Defined contribution (money purchase) pension schemes

Defined contribution pension schemes (also known as 'money purchase' schemes) do not guarantee in advance the level of benefits that will be payable to members. This is because the contributions (from the employer alone or both the employer and the employee) are defined and fixed, but the eventual pension is not. The contributions in respect of each member of the scheme, net of the scheme provider's administration charges and any deduction for members' life cover (if that is part of the arrangement), are credited to a notional account for the member and invested by the provider so that a fund is built up for that member.

Pension Annuity or Drawdown

The principal disadvantage of a defined contribution scheme becomes clear when it is time to cash in the scheme. The problem is that there is no guaranteed level of benefit. The value of the fund on encashment will not only depend on how much has been contributed by both the employer and the employee, but on how well the money has been invested and how strongly the stock market has performed over the lifetime of the investment. In addition, if the annuity is purchased when annuity rates arc low, the pensioner will be at a permanent disadvantage. Attempts have been made to ameliorate the risks of defined contribution schemes. For example, although the original requirement was that the annuity had to be purchased at the rime the pension was first payable, this was subsequently modified to allow the pensioner to defer a decision on the purchase of an annuity until his or her 75th birthday at the latest. In the interim period, he or she was allowed to withdraw amounts each year within a range related to the annuity that could be purchased. Even this solution was not without its dangers however. Annuity rates (which have been consistently low for several years) might not increase again, at least during the relevant period, and the money left in the pension fund might not keep pace with inflation. Consequently, the government eventually decided to abolish the requirement for a pensioner to purchase an annuity on or before his or her 75th birthday.

Basic state pension

In the United Kingdom, the state has provided pensions since 1908. The Pensions Act 1925 introduced a compulsory national insurance contribution, lowered the qualifying age for a state pension to 65 years, dropped means-testing for state pensions and introduced the possibility of contracting out of the state pension scheme if a suitable occupational pension scheme was provided as an adequate replacement. A person can claim for a full rate of basic state pension if they have achieved a minimum number of'qualifying years' during their working life. A person who reaches the state pension age on or after 6 April 2010 needs 30 qualifying years to qualify for a full basic state pension, whether they are a man or a woman. A person with fewer than 30 qualifying years is entitled to a proportion of the full basic state pension for each qualifying year that they have built up.

We set up and administer SSAS pension schemes provided clients have received independent financial advice from an FCA regulated adviser.

Fenwick SSAS Providers

SSAS Solicitors

The state second pension was introduced in 2002 and replaced the State Earnings Related Pensions Scheme ('SERPS') The state second pension is intended to provide a more generous additional state pension for certain categories of people who have low or no earnings, such as carers and those suffering from severe or long-term incapacity.

Sarah Johnson

Westigo Industries

SSAS Tax Relief

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SSAS Small Self Administered Pension Scheme

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Fenwick SSAS Solicitors

SSAS Administrators and Practitioners

Latest from the blog

SSAS Tax Relief

August 12, 2014
The Finance Act 2004 provides that an application to register a pension scheme"' can be made only if the pension scheme is an occupational pension scheme, or has been established by a person with permission under the Financial Services and Markets Act 2000 to establish in the United Kingdom a personal pension scheme or stakeholder pension scheme. For tax relief purposes, an occupational pension scheme is a pension scheme that is established by an employer (or employers) that provides benefit to (or in respect of) any or all of its (or their) employees. Such a scheme is allowed to provide benefits to (or in respect of) any or all employees of any other employer and to (or in respect of) other people. Most pension scheme promoters are likely to want to claim the tax reliefs that come with registration, so it is important to ensure that the scheme satisfies this definition.

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History of contracting out of state second pension

August 12, 2014
People are able to contract out of the state second pension. Although this ability is mainly governed by the Pension Schemes Act 1993 Part III, it originally derived from the Social Security Pensions Act 1975, which in addition to introducing the State Earnings Related Pensions Scheme ('SERPS') (the predecessor of the state second pension), allowed employers who provided defined bcnefit occupational pension schemcs to contract out of SERPS, provided that the occupational scheme undertook to provide a benefit at least equal to that which would have been earned under SERPS. The Social Security Act 1986 extended contracting out to money purchase occupational schemes and to personal pensions, provided that minimum levels of contributions were made to the schemes.

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Contracting Out

August 12, 2014
Following the abolition of SERPS in 2002, both occupational pension schemes which operated on either a defined benefit or defined contribution basis} and personal pension schemes (including stakeholder pensions could contract out of the state second pension scheme. Personal pension schemes that contracted out were known as 'appropriate schemes'.

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Abolition of Contracting Out

August 12, 2014
As a result of these problems, the Pensions Act 2007 abolished contracting out in relation to defined contribution schemes (whether occupational, personal or stakeholder pension schemes) as from 6 April 2012, with the result that as from that date, contracting-out certificates for money purchase occupational pension schemes, and appropraite scheme certificates for personal pension schemes, have been cancelled, and members of these schemes have been automatically contracted back into the state second pension.

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As pension scheme lawyers we not only set up and administer your scheme but we also provide the ongoing legal servcice to give you savings in time and fees.