Can You Transfer Other UK Pensions to a SSAS?
The answer is, yes. Examples would be Personal Pensions, Stakeholder Pensions and workplace pensions such as Nest Pensions. It is possible to transfer these into SSAS.
Pensions Schemes You Cannot Transfer into SSAS
There are some UK pensions schemes that you cannot transfer into SSAS, such as Defined Benefit Schemes with the NHS and Government-based pensions. You cannot move those simply into SSAS.
However, speak to us as we can sometimes obtain a letter of authority from you and write to your existing pension provider so that we can get a fuller understanding of the existing schemes that you actually hold.
Always Seek Independent Financial Advice
If you do then decide to transfer the pension scheme across to SSAS, we would always recommend that you seek independent financial advice to make sure that you are making the right decision. If you do decide to transfer, the team at One Crown Pensions will be there to help you complete all the necessary paperwork and help to facilitate the transfer for you.
How Long Pension Transfers Take
Transfers take anywhere up to 3-4 months to complete as the checks are quite stringent, which is designed to protect your pension scheme for you.
Why Would You Want to Transfer Your Existing Pension Scheme into SSAS?
One of the most common reasons why we find people do move their pension schemes into SSAS is quite often to purchase commercial property because this is often not available in the existing pension structures that they hold.
One of the key aspects of SSAS that you need to understand is that it is a Member Directed pension scheme. The Member Trustees are responsible for the investments held inside the SSAS. In our experience, most of the Directors we deal with prefer that aspect of control and become actively involved in the investments that are within the SSAS.
There are many different types of pension schemes in the UK, however the investment returns over the last few years have been pretty poor. At One Crown Pensions we ask you to take an active interest in what you are putting into the SSAS. And again, with the help of One Crown Investments, they can offer you additional investment options that may be of interest to you.
