SSAS Pension: New Tax Year: What should I do with My SSAS? 

It’s a new tax year which makes it an appropriate time to take stock and consider what you want this year to look like financially. If you have a SSAS, the new tax year is the perfect time to think about how you might improve things and maximise the use of your SSAS.

Here are some of the most important considerations if you want to maximise your SSAS this year. 

1. SSAS Pension Providers Support

One of the first things to consider is the level of support that you’ve been receiving from your current SSAS pension provider. Here are a few questions you might want to ask yourself:

• Is your SSAS provider helpful?
• Are they providing you with useful resources and SSAS pension information?
• Are they responding to your queries in a timely manner?
• Are they doing a good job?

Often, SSAS success starts with having the right SSAS provider. So, ask yourself whether it’s time to consider switching SSAS providers and receiving real support.

Why Not Switch to One Crown Pensions?

Switching SSAS providers is like switching bank accounts. We are One Crown Pensions, one of the UK’s most experienced SSAS companies. We are HMRC registered SSAS specialists who pride ourselves in offering a high level of support to our clients. 

We also offer valuable SSAS pension information in our SSAS Video Hub where you can explore hundreds of our resources, completely for free. If you’re keen to delve deeper into SSAS and what it can do for you, then we encourage you to visit our SSAS Video Hub. We are the best SSAS pension provider for SSAS pension resources.

2. SSAS Pension Fund Value

The second consideration is being mindful of the uninvested amount you have in your SSAS bank account.

SSSAS bank accounts will typically have the FSCS guarantee. That means that up to £85,000 worth of funds are protected within a SSAS bank account. However, sometimes clients have funds in their SSAS that exceed £85,000. This means all funds in excess of the £85,000 cap are not guaranteed protection if the bank were to fail and would therefore be at risk.

If you are in this position, we recommend making a plan for those excess funds to ensure they are protected. You can speak to a member of our team about this if you would like more information. 

3. SSAS Pension Investments

This leads us nicely onto our third point which is all about SSAS pension investments. The point of a SSAS, in so many ways, is that it offers a tax free environment where you can grow your pension. So considering SSAS compliant investments would be a sensible thing to do.

When it comes to SSAS pension investments our sister Company, One Crown Investments offers a range of SSAS permissible opportunities paying between 10%-15% per year. If you are wondering what can a SSAS invest in? or you’d like to discuss an investment strategy that would suit your SSAS goals, the team at One Crown Investments is able to help.

4. SSAS Pension Contributions

The final thing to consider is your SSAS pension contributions. In each new tax year, you have a new tax allowance, so why not consider utilising that to the full?

The maximum amount you can contribute into a SSAS is currently £60,000. So, making £60,000 worth of Company contributions (assuming that level of profits are available in your Company) enables you to maximise your tax efficiency for the tax year.

In some circumstances, where you haven’t made contributions in previous years, you may be able to bring these contributions forwards into the current tax year. However, SSAS contributions can be a complicated area so we encourage you to book a call with a member of our team. We would be happy to discuss your specific circumstances and answer any questions you may have.

Learn more about SSAS contributions.

Are You Using Your SSAS to its Full Potential?

As you can see, there is a lot to consider at the start of a new tax year. We hope our points have given you food for thought. If you would like to discuss how you might utilise your SSAS to its full potential, book a call to speak with a member of our SSAS practitioner team. 

To learn more about SSAS, visit our SSAS Video Hub where you can browse our extensive resources for more information.