How Do I Create a SSAS
Please contact GPC for an application form Tel No 01254 660333
What are the minimum and maximum contributions for a SSAS?
There is no minimum contractual amount required in a GPC SSAS. There is no maximum level of contribution that the company can pay into a SSAS on behalf of its employees, although corporation tax relief may not be available on the whole contribution. Please contact your financial adviser for further details.
Can other funds be transferred into a SSAS?
A SSAS can receive transfers from most other pension arrangements, although we would recommend that financial advice is taken prior to any transfer.
What are Permissible Investments in a SSAS?
The Trustees are responsible for implementing an investment strategy although the assistance of a professional advisor is usually required. The majority of investments held within a SSAS are usually free from income, corporation and capital gains tax and can include bank and building society deposit accounts, quoted shares, derivatives, British government stocks, fixed interest investments, collective investments etc.
- The Trustees can register for VAT.
- The Trustees can borrow to assist with the property purchase.
- The Trustees can purchase or sell property from a scheme member or anyone connected to the member, however these type of transactions must be carried out at ”arms length” and supported by an independent valuation.
For more information on purchasing a property within the pension scheme please contact GPC SIPP Ltd, Tel No 01254 660333.
Detailed information will be required to proceed with a property purchase. Please request a questionaire and return it to us with as much information as possible.
Can a SSAS provide loans to the employer company?
Yes. Loans to the employer company are a permissible investment but are subject to a maximum of 50% of the fund value. The loan must be established on a commercial basis and must be secured with a first charge on an asset. Please contact us for more information.
Can Shares be included in a SSAS?
There is also the option of purchasing quoted shares. Please contact us for more information.
A SSAS is a flexible, tax efficient way of saving for retirement. However, it is important to take specialist advice prior to making any investment decisions otherwise the tax exempt status of the scheme may be withdrawn and this could result in severe tax penalties.