What are the SSAS pension rules?

A small self-administered scheme (SSAS) is a popular type of workplace pension that is independently managed by the company that sets it up. There are some rules - and features - associated with a SSAS that you should be aware of. 

 
  • A SSAS is open to all of a businesses employee's and their family members.
  • Only one SSAS pension is allowed per company.
  • Membership of SSAS pensions is capped at 11 members.
  • SSAS pensions are managed by the scheme administrator and it's trustees, who are generally members of the scheme.
  • Contributions made to a SSAS pension are eligible for tax relief.
  • Members of a SSAS can start drawing benefits from the age of 55.
  • When withdrawing from a SSAS, you can choose to withdraw the first 25% of your pension as a tax free lump sum or you can opt to recieve 25% of each withdrawal you make tax free.

 


 

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