Contracted Out Policies with an insurance company became available in 1988 and many people now have such arrangements. Recent legislation has taken away the restrictions on what can be done with these funds at retirement, which is any time after age 55).
For instance the requirement to buy a spouse’s pension along with the member’s and to factor in a pension that must increase in payment have long gone. This is one of the consequences of simplification, however for some time after 2006 these plans were not allowed in Small Self-Administered Schemes, but now they are.
If you would like us to look at the feasibility of transferring your Contracted Out Policies to your SSAS or any other pension arrangement you have to consolidate, please get in touch.