Directors of companies can use their SSAS to boost their business potential, as well as benefiting from it at retirement.
SASSs are generally set up to provide pensions for a small amount of a company’s directors and/or senior staff, but they can be open to all employees. With a SSAS, members are appointed trustees, and they have control over the scheme’s assets and investment decisions.
SSASs are great if a business owner wants flexibility over where the scheme’s assets are invested, especially given the advantageous fact that funds in the scheme can be lent back to the business.
While each member of a SSAS holds a portion of the scheme’s assets, there are no individual ‘pots’ - as there usually is with other types of pension. Instead, all assets are held in the name of the trustees.