The employer can make single and regular payments on the members’ behalf. Alternatively, funds can be transferred from other pension schemes into the SSAS. Also, it is possible for members to pay single and regular payments to the SSAS.
The employer (and/or member) can contribute as much or as little as decided. However, small contributions to the Hazell Carr SSAS are not usually appropriate. Your adviser will tell you whether a particular level of contribution is worthwhile.
The employer can get tax relief on the SSAS contributions it pays on the members’ behalf. Also, the members can obtain tax relief on any personal contribution that they pay. HMRC and HMT put a limit on the contributions that can get tax relief, called the Annual Allowance. Tax relief depends on individual circumstances and may change in the future.
There is no limit on employer contributions paid on a member’s behalf. However, if the total of the employer’s contributions and the member’s personal contributions is more than the Annual Allowance, income tax is payable on the difference. The Annual Allowance is different for different tax years.
For further details, please contact a member of the SSAS Team.
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