If you have your own business you have the choice of either a SIPP or a SSAS.
A SSAS is a Small Self Administered Scheme, individually authorised by HM Revenue and Customs. It is an occupational registered pension scheme set up by the sponsoring business.
In the same way as a SIPP, the SSAS receives contributions and transfers to accumulate a retirement fund for its members. At retirement the choices are the same as for the SIPP.
However a SSAS, unlike a SIPP, can make a loan back to the sponsoring employer thus giving flexibility to that business. A SSAS is also able to own the business property, and invest in a wide range of investments.
Protected Rights
SSASs cannot currently accept Protected Rights as the Department of Work and Pensions (DWP) class SSASs as an occupational scheme and the new legislation only relates to SIPPs. However, it is possible to hold Protected Rights money in a SIPP which can sit alongside a SSAS and be used for joint investments.
For Independent Financial Advice IFA in Norfolk call 01603 861621