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3.12 Small Self Administered Schemes (SSAS)
- There must be less than 12 members.
- At lease one must be a controlling director.
- Some or all of the assets must be invested other than in insurance
policies.
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SSASs are subject to the usual pension scheme rules, plus additional
controls to take account of the fact that the trustees are directly
responsible for managing the scheme and its investments, and because
of the likelihood that the company directors, scheme members and
trustees will be the same.
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It is usual that the controlling directors of a company will be
the main or only members of the scheme, and in their capacity as
trustees control the scheme assets.
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Areas of investment are strictly defined, and exclude such items
as non-income producing assets, personal items such as cars, and
residential property.
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Permitted investments would be investment in the company's own
shares, the purchase of commercial property and loans to the company
or its subsidiaries, in addition to shares and derivatives.
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SSASs must also have a special trustee called the Pensioneer Trustee
whose role includes the particular duty of ensuring that the scheme
is not wound up except in accordance with the deed and scheme rules
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