A Small Self-Administered Scheme (SSAS) is a standalone occupational pension scheme, established by a sponsoring employer and individually registered with HMRC for tax purposes.
The SSAS may have up to 11 members, who are all trustees, and the assets of the scheme are held by the trustees for the benefit of all members in accordance with the scheme’s trust deed and rules.
While a SSAS may have up to 11 members, most schemes have only one or two members who might be a director and their spouse, or two business partners. It is important to consider that all member trustees must agree on investment decisions and therefore, the greater the number of members, the more difficult decision making may become.
Once a SSAS is established, registered with HMRC and funded – either by way of contribution from the Company or transfer of existing pension schemes – it can be invested at the direction of the trustees.