Small Self Administered Schemes (SSAS)
This term is now redundant in its technical pre-April 2006 sense.
What you need to know post April 2006 if you have an existing contract of one of these types.
It will continue as an Arrangement (type subject to scheme details), and you/your employer can invest as much as you like, subject to the Annual and Lifetime Allowance rules.
Investments, Borrowing, Anti-Avoidance - the new rules are a little different, discuss with your Financial Adviser, especially if your scheme has any existing property or moveable assets, or wishes to enter into a connected persons transaction.
If you have a policy of this type, begun before April 2006, bring it to us and we will be able to find out its current status and classification.
Last updated on
April 06, 2011
A personal pension or stakeholder pension plan is a long-term contract. It is not possible to surrender a pension for a cash sum.
Future changes in pension legislation may adversely affect the plan, or the benefits derived from it.
Your future benefits will depend on fund growth in the period up to retirement and prevailing annuity rates at retirement. For instance early retirement is likely to result in lower benefits, both because of the shorter period of growth and the higher cost of annuities for younger retirees.
The value of unit-linked pension funds is related to the markets in which they invest and thus will rise and fall in line with those markets. Past performance is not necessarily a guide to the future.
The benefits derived from a personal pension or stakeholder pension plan are in addition to any State pensions you may be entitled to. They may result in you becoming ineligible for State benefits such as the Minimum Income Guarantee/Pension Credit and Housing & Council Tax Benefits.
All pensions in payment are treated as earned (as distinct from investment) income and assessed for Income Tax.
Kellands Cotswolds
is authorised and regulated by the Financial Services Authority
(http://www.fsa.gov.uk/register/home.do).
FSA Registration No: 197438