FAQs
Find answers to common questions about Small Self-Administered Schemes, including setup, ongoing administration, commercial property, employer loans, investments, pension payments and VAT. Our FAQs are designed to give business owners and scheme members a clearer understanding of how a SSAS works and how Pool House SSAS can support them.
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Frequently Asked Questions
What is a SSAS?
A Small Self-Administered Scheme, or SSAS, is a type of occupational pension scheme typically established by business owners, company directors and family-run businesses. It can provide greater flexibility over how pension assets are held and administered compared with many conventional pension arrangements.
Who can set up a SSAS?
A SSAS is generally established by a sponsoring employer for directors, business owners and sometimes other key individuals connected with the business. Each scheme is different, so suitability will depend on the circumstances of the company and its members.
What does Pool House SSAS do?
Pool House SSAS provides specialist SSAS administration, including scheme setup, ongoing administration, HMRC reporting, commercial property transactions, employer loans, pension payments, investment administration and pension scheme VAT returns.
Can a SSAS buy commercial property?
Yes, a SSAS can purchase qualifying commercial property, subject to the relevant pension and tax rules. This can include premises occupied by the sponsoring business, provided the arrangement is structured correctly and transactions are carried out on appropriate commercial terms.
Can my business pay rent to my SSAS?
Where a SSAS owns commercial premises occupied by the sponsoring employer, the business can pay rent to the pension scheme. The rental arrangement should be on commercial terms and supported by the appropriate documentation.
Can a SSAS lend money back to my business?
A SSAS can potentially make a secured loan to its sponsoring employer, subject to HMRC requirements. Qualifying employer loans can be for up to 50% of the scheme’s net asset value and must meet specific conditions relating to security, interest, repayment and term.
What is involved in setting up a SSAS?
Establishing a SSAS involves creating the scheme, preparing the required documentation, registering it where necessary and coordinating the transfer of pension funds and assets.
Pool House SSAS manages the administration involved and provides ongoing support once the scheme is established.
Do you manage existing SSAS schemes?
Yes. Pool House SSAS can provide ongoing administration for existing schemes as well as newly established SSAS arrangements.
If you are considering moving the administration of an existing scheme, our team can discuss the current arrangement and the steps involved.
What does ongoing SSAS administration include?
Ongoing administration can include maintaining scheme and member records, HMRC reporting, monitoring property rent, administering employer loans, recording investments, processing pension payments and maintaining the documentation associated with scheme transactions.
Can a SSAS hold investments as well as property?
Yes. A SSAS may be able to hold a range of permitted investments in addition to commercial property.
Pool House SSAS provides the administration associated with investments, while regulated financial or investment advice should be provided by an appropriately authorised adviser where required.
Can I draw a pension from my SSAS?
Yes, subject to the relevant pension rules and the individual member’s circumstances. Pool House SSAS can administer pension income and other permitted benefit payments from the scheme.
Does a SSAS need to complete VAT returns?
Some pension schemes may need to register for VAT, particularly where commercial property is involved.
Pool House SSAS can assist with the administration of pension scheme VAT returns and maintain the records required for ongoing reporting.
Will I deal with the same people throughout?
Our aim is to provide a personal and consistent service. Clients have direct access to a team that understands their scheme and the transactions being administered rather than dealing with a large anonymous administration department.
Do you provide financial or investment advice?
We are not authorised or regulated to give financial or investment advice. However, we work closely with Pool House Advisers who are able to provide regulated financial advice and a comprehensive range of financial services, including investments, pensions, mortgages and insurance for individuals as well as group insurance and business protection solutions for businesses.
How do I know if a SSAS is right for me?
A SSAS can offer significant flexibility for business owners, but it is not suitable for everyone. The right approach will depend on your business, existing pensions, objectives and the types of transactions you may wish to undertake. We can explain how SSAS administration works and decide if this route is appropriate for you.
How do I get started?
Contact Pool House SSAS and tell us a little about your business, your current pension arrangements and what you are looking to achieve.
Our team can then discuss the next steps and explain how we may be able to help.
