Funding your SSAS
Bringing pension funds together
A SSAS can receive transfers from other eligible pension schemes, allowing members to bring pension savings together within one arrangement.
Transfers are usually made in cash, although transfers of certain assets may be possible where the transferring and receiving schemes permit them.
Before transferring pension benefits, members should consider the features and benefits of their existing arrangements. Defined benefit pensions and arrangements with valuable guarantees may require specialist consideration and, in some cases, regulated financial advice before a transfer can proceed.
Highstone can explain the administrative process and work with members and their professional advisers to facilitate eligible transfers.
Making contributions
A SSAS can receive contributions from the sponsoring employer and, where appropriate, personal contributions from members. There is generally no requirement to maintain a regular contribution schedule.
Employer contributions may qualify for corporation tax relief, subject to the applicable tax rules and the circumstances of the sponsoring employer.
Personal contributions may qualify for tax relief within the relevant limits, depending on an individual's circumstances.
All contributions to a Highstone SSAS must be paid gross. We do not operate Relief at Source.
Contribution limits and tax treatment depend on factors including earnings, annual allowances, previous pension contributions and whether a member has flexibly accessed pension benefits. In some circumstances, unused annual allowance from previous tax years may be available to carry forward.
Highstone can explain the scheme's contribution procedures and help members and their professional advisers understand the relevant administrative requirements.
Planning your funding
The timing and source of pension funding can have important tax and financial implications. Members should consider their wider circumstances and seek appropriate professional advice where necessary before making decisions.