How does a SSAS work?
The sponsoring employer of the SSAS pays money into a separate bank account specifically set up in the names of the trustees. The money in this account is invested and grows with interest, dividends, rents and further contributions. In addition any asset purchased or transferred ‘in specie’ may increase in capital appreciation to build member funds within the SSAS.
At retirement, the SSAS fund is used to provide each member with a tax free pension commencement lump sum and an income in retirement. The whole operation is managed by the trustees, who are initially appointed by the sponsoring employer.
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