All You Need To Know About Small Self Administered Scheme

by Vidit Agarwal Marketing Director

Small Self Administered Scheme (SSAS) are trust based Occupational Pension Schemes in the UK. These schemes are established individually, generally limited companies’directors for specific company employees. SSAS is a small self administered pension scheme which is sponsored by employers at workplaces with defined contribution. This gives the employer additional investment flexibility. An insurance company or a bank can establish an SSAS pension scheme, though it is not necessary.

How SSAS Scheme Work?

Small self-administered pension schemes (SSAS) generally aims at providing retirement benefits to a very small group of company’s directors and some core senior members of the companies. They are made open to all employees and their family members, whether or not they work for the company. The number of total members can’t go above 11.

SSASs are offered by insurance companies and other pension providers. SSAS schemes are operated by Trustees, most of the time who are the members of the SSAS scheme.

Employers and/or members make the contribution to the SSAS scheme. Contributors get tax relief on the made contributions, depending on the conditions.

DNS Accountants is firm of accountants and tax advisors with specialist of business advisors. Our clients included from sole-trader, contractor, freelancer, self-employed businesses and private clients to small business and large businesses based in the UK. Our Chartered Accountants in Milton Keynes believes in providing practical advice and compliance support in all areas of taxation, auto-enrollment, self-assessment and accounting to any sizes of businesses.