SSAS (Small Self Administered Scheme)

Boal & Co offer bespoke individual SSASs (Small Self Administered Schemes) which are trust-based pension schemes suitable for pension savings and transferring benefits from other schemes (including UK schemes).

A SSAS is a company scheme where the members are usually all company directors or key members staff. A SSAS gives members / employers, greater flexibility and control over the scheme’s assets, which can include:

• shares and other stock-market portfolios
• fixed-interest securities and other bonds
• unit trusts, OEICs, offshore funds and other pooled funds
• bank and building society accounts
• insurance bonds
• property
• loan-backs to the employer

The SSAS rules are based on IoM pension legislation. In particular, they permit:

• tax-free lump sum linked to service/salary (3n/80ths basis) or 30% of fund
• pension to be taken at retirement through pension drawdown, instead of annuity purchase
• retirement from age 50
• transfer-in of pensions from UK pension schemes, both personal and occupational,
• pensions, when they come into payment, are taxed at Isle of Man rates
• flexible arrangements on death

Each SSAS is registered with the Isle of Man Insurance and Pensions Authority and tax-approved by the Isle of Man Assessor of Income Tax. In addition QROPS approval can be applied for if required.

Although an Individual SSAS cannot be contracted-out, any benefits that are required to be held by a contracted-out pension scheme can be provided for using one of our Balley Chashtal Schemes.

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