What is the Maximum Amount You Can Hold in SSAS?
What you hold in a SSAS, whilst it is a pooled fund, is always per person and the good news is there is no maximum. You can hold as much as you like in SSAS, as in any UK scheme.
The Limits to What You Can Hold in SSAS
The only limits that do exist revolve around how much tax free cash you can take from your pension, unless you have previous protections. This can be quite a complicated subject and One Crown Pensions’ Fact Find process and our team are on hand to help smooth your way.
The Maximum Tax Free Cash You Will Receive at Retirement
When you reach retirement age* the maximum tax free cash is calculated as 25% of the old lifetime allowance figure which was £1,073,100. Upon reaching retirement age, the maximum tax free cash you can take under current Government legislation is £268,275.
*57 years old for those currently under the age of 50 and 55 years old for those currently over 50.
Pooling All of Your Pension Funds in One Pot
As referenced elsewhere, one of the advantages of a SSAS is that you can consolidate all your pension funds in one place making it easier to manage and grow your investments. And when you wish to draw down your pension fund it’s easier to calculate how much tax free cash you’re allowed and plan the income that you want to take.
