SSAS and Multi-generational benefits
22/10/2023
SSAS pensions are sometimes also known as ‘family pension schemes’.
This is because they can have up to eleven members and unlimited beneficiaries which enables family businesses to develop a pension scheme for all the family members. As the younger generation joins the business the company can start contributing on their behalf and building-up their retirement fund. The SSAS can also hold assets in trust and pay benefits to successive generations long after the original members have passed.
The stand-alone trust structure and multiple membership of a SSAS enables a family pension scheme to be maintained for up to 125 years which is unique in the UK.
The investments of the SSAS can be operated as a pooled fund for all the members, or investments can be earmarked for specific individuals if they wish. You can nominate your beneficiaries who will inherit any remaining fund tax-free when you die.
With a successful strategy, a SSAS can keep growing and providing benefits for many generations. It is a great facility to pass-on wealth and assets tax-free as well as ensure smooth continuation of the family company. As long as there are funds within the SSAS, it can continue to be passed down through the family.
Would you like to find out more? Get in touch with our team!
Email us on enquiries@whitehallgroup.co.uk or call 03302 232 300