SSAS Planning and Administration
Expert Self-Administered Pension Scheme (SSAS) Services
As Northern Ireland’s only local SSAS provider, Doherty Pension and Investment Consultancy has a long-standing history of expertise in Small Self-Administered Schemes (SSAS’s)) and has been designing, installing and running pension schemes for over 30 years in Northern Ireland. We understand the challenges faced by businesses and individuals in retirement planning and have created a cost-effective proposition that revolves around the member, their business, and their financial plans.
Full SSAS Management Services
In 2020, we invested in and established our own SSAS Trust Deed with a full account management service under the name of Doherty Pension Administration (DPA). This enables us to set up new SSAS schemes and take over existing ones, providing all your financial advice requirements and implementation of that advice under the same roof, providing a flexible, streamlined process without third parties being involved in the running of your SSAS scheme.
Comprehensive Regulatory and Administrative Support
Doherty Pension Administration specializes in supporting and managing all regulatory and administrative aspects of running your own scheme, including the various HMRC reporting requirements, within a simple and transparent fee structure. We can tailor our service to meet your individual needs, ensuring that you only pay for the services you require. Our basic annual fees include all regulatory requirements and an annual update to the members:
- Professional Practitioner Services through Doherty Pension Administration
- Ensure scheme compliance with current regulations and legislation
- Annual Scheme Valuation
- Annual calculation of members’ fund share
- Reconciliation of bank transactions
- Adding new members to the scheme
- Submission of HMRC Annual Pension Scheme Return
- Submission of HMRC Annual Reportable Events (where applicable)
- Routine administration – including Data Protection renewal, Pensions Regulator renewal, record-keeping, and ongoing general correspondence.
Additional Services for Customized Needs
We also offer additional services, depending on your scheme setup, such as property management, invoicing services, VAT Reporting, Loanback Arrangements, and Income Drawdown.
Frequently Asked Questions
What is a SSAS scheme?
A small, self-administered pension scheme is a type of occupational pension that can give greater investment flexibility and allow members to make their own investment decisions.
Who can set up a SSAS scheme?
A SSAS scheme can be set up by a company or partnership for its employees. The scheme can have up to 11 members and membership is determined by the trustees of the scheme.
Who can be a member of a SSAS scheme?
Membership is normally the company directors or senior management. However, they can be open to other employees and family members.
Can a company set up a SSAS scheme for its directors and employees?
Yes, a company can set up a SSAS scheme for its directors and employees.
What are the benefits of a SSAS scheme?
The benefits of a SSAS scheme include greater control over investments, flexibility in the types of investments that can be made, and the ability to loan money to the sponsoring employer.
What types of investments can be made in a SSAS scheme?
A SSAS scheme can invest in a wide range of assets, including commercial property, stocks and shares, and loans to the sponsoring employer. However just like other pensions, certain types of investments are prohibited, such as residential property, art, and antiques.
What are the tax benefits of a SSAS scheme?
A SSAS scheme provides several tax benefits, including tax relief on contributions, tax-free investment growth, and tax-free lump sum benefits when members retire. Pensions are also exempt from Inheritance Tax and therefore can be used as an effective estate planning tool.
What happens if a member of a SSAS scheme dies?
If a member of a SSAS scheme dies, their benefits can be passed on to their beneficiaries, subject to certain conditions.
Can a member take a loan from their SSAS scheme?
Yes, a member can take a loan from their SSAS scheme, subject to certain conditions.
At Doherty Pension and Investment Consultancy, we have extensive experience in designing, installing, and running Small Self-Administered Schemes (SSASs) for over 30 years in Northern Ireland. If you’re interested in setting up a SSAS scheme or need help managing an existing one, our expert team can provide the guidance and support you need. Contact us today to schedule a consultation and discover how we can help you achieve your retirement and financial planning goals.