How Can I Include My Children to Maximise a SSAS?
Very commonly, we have husband and wife Companies and they are typically both members of the SSAS and start to build up substantial values over a period of time. If they have children then we always suggest to our SSAS members that, once the children attain the age of 18, they should be considered to be added to the SSAS.
Particularly if the children go on to work for the Company that set up the SSAS then there’s the potential for the Company to make contributions for them and build up the child’s own return benefits, hopefully from a very early age.
Even if the children don’t go on to be employed by the Company that set up the SSAS, they can still become members of the SSAS even though they have no immediate personal benefit inside the SSAS. This is because a SSAS works as probably one of the best wealth cascading tools available. So in the event of the death of a member, assuming that member wishes to leave the remaining value of their pension fund to their spouse and their children, as beneficiaries the children can inherit part of the deceased member's pension fund which can be enormously tax efficient.
