Small self-administered schemes (SSAS) continue to be a popular pension planning vehicle for business owners

25th March 2021

What is a SSAS?

A SSAS is an occupational registered pension scheme that can help meet the needs of business owners who wish to set up a pension arrangement for a small group of co-directors and key employees.

Key benefits of a SSAS

A SSAS has the ability to pool together individuals’ pension savings to purchase investment assets they would otherwise not be able to acquire individually.

A SSAS offers businesses a wide range of potential investments including stocks and shares, unit trusts, investment trusts, Open Ended Investment Companies (OEICs), deposit accounts, loan backs and commercial property providing greater flexibility and investment control over their pension arrangements. The ability to purchase commercial property from any party, rent it to the business and lend money from the SSAS to the business are very popular features of a SSAS and used by many of our clients.

A SSAS also offers favourable tax benefits including:

  • Company contributions qualify for Corporation Tax relief
  • Contributions by members are free from Income Tax
  • Investments growth is free from Income Tax and Capital Gains Tax
  • A tax-free pension commencement lump sum of 25% of a member’s fund can be taken from age 55
  • Lump sum death benefits are free from Inheritance Tax

How can Old Mill help?

All registered pension schemes must have at least one scheme administrator, a highly responsible and time-consuming role. The scheme administrator is responsible for fulfilling many important functions including:

  • Registering the pension scheme with HM Revenue and Customs (HMRC)
  • Reporting events relating to the scheme to HMRC
  • Making returns to HMRC
  • Providing information to scheme members.


Old Mill can take on this demanding role for you. By appointing us as scheme practitioner of your SSAS, we can:

  • Deal with all scheme administrator reporting requirements
  • Act as Scheme Practitioner
  • Acquisition and administration of property (including rent invoicing and collection)
  • Provide all technical support
  • Prepare and present annual pension fund financial statements
  • Prepare ad-hoc financial statements
  • Attend Annual Trustee Meetings
  • Arrange payment of benefits, calculations and periodic reviews
  • Provide all key documentation
  • Undertake Annual Fund split calculations
  • Administer arranging bank payments and receipts, cash management reconciliation and updating the accounts on a monthly basis, dealing with day-to-day general correspondence and telephone enquiries
  • Complete income withdrawal calculations, establishment and periodic reviews
  • Arrange payment of death benefits
  • Complete Pension Regulator Returns, including the annual Scheme Financial Statement and dealing with any ongoing correspondence with HMRC.

With Old Mill you will have dedicated staff allocated to managing your scheme, providing a personal service using their expertise in all types of SSAS transactions to ensure your SSAS complies with pensions legislation no matter how complex your scheme is.  We give you all the information you need to make informed decisions about your scheme and make certain that the administration runs smoothly.

What can I do if I’m not happy with my current SSAS provider?

There are many SSASs in existence and an increasing number of schemes where the Trustees are unhappy with their current SSAS provider for various reasons including costs and the service they receive.

The good news for people who find themselves in this position is that there is no need to break-up their scheme, they can instead look to appoint new professionals to run their scheme. Old Mill will complete all the necessary work to take on the management of your SSAS, keeping it simple for you. Depending on your current SSAS arrangement, this can include:

  • Completing trust documentation to change the scheme Trustees
  • Reporting the changes to HMRC and the Pensions Regulator
  • Transferring management of the VAT and payroll records
  • Changing details on the registration of scheme assets and amending bank signatories
  • Updating the scheme rules in line with current legislation.

Should you wish to discuss your existing SSAS or would like to find out more about SSASs and arrange a free no obligation consultation meeting, please contact us and a Pensions Manager will be happy to discuss your individual circumstances.