SSAS and SIPP provide you with flexible, tax-efficient vehicles to save for retirement. You can manage your own assets, choosing from a wide range of permitted investments. Existing pension benefits and savings (with certain exceptions) can be consolidated into one plan.
SSAS and SIPP offer very flexible retirement options, including:
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Taking part of the pension fund as a tax-free amount;
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Taking a cash lump sum with the option to draw an income directly from the fund on retirement;
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Drawing income from age 55, rather than purchasing a pension (or annuity) from an insurance company; or
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Continuing to invest in the pension fund in a tax efficient manner whilst drawing income.
The key benefit of these self-invested arrangements, as opposed to more traditional pension products, is the wide range of investment options available and the ability to control your own investment strategy, although you should bear in mind that the value of your plans and the benefits are not guaranteed.
SIPP is an individual policy, so that there can only be one member of each SIPP. You can have a SIPP regardless of your employment status. You can also contribute to a SIPP while you are an active member of an employer’s pension scheme or are contributing to other pension plans.
SSAS is available for employers to establish for up to 12 employees. Each SSAS member becomes a SSAS Trustee. Your employer will also be able to contribute to the scheme and obtain tax relief. You can contribute to other pension arrangements while you are an active member of a SSAS.
The information on the tax treatment of SSAS and SIPP products is based on our current understanding of legislation and may be subject to change. For more information about our self-invested pension solutions, please contact SSAS&SIPP@xafinity.com.
Xafinity SIPP Services is authorised and regulated by the Financial Services Authority