Who is suited to a SSAS and what is the difference between a SSAS and a SIPP?
SSAS are suited to either an individual or a group of individuals who run a common business and wish to have complete control over their pension fund. For a group, the costs per member are usually lower than using individual SIPPs to pool funds to purchase commercial property.
Unlike a SSAS a SIPP member does not have any ability to grant a loan to a connected party, neither may they normally pool their investment interest and holdings. For these reasons a SSAS is normally favoured by members who are happy to have and can share a common interest and the incumbent responsibilities.
There is no requirement for a professional to be appointed to a SSAS, however the rules are complex and may well prove difficult for individuals without experience of running a SSAS.
Contact us for more about SSAS and SIPP.