Sadly, SSAS pension schemes are often mis-sold. These types of pensions are designed for business owners and managers in small businesses to establish their own pension schemes but are often set up with malicious intent as a means of avoiding official regulations.
If you were advised to invest your pension into a risky scheme and your financial advisor did not outline the specific risks involved, or they received a large commission for giving you ill advice, you may have grounds for making a mis-sold SSAS pension claim.
At Spencer Churchill Claims Advice, we have experience in SSAS pension claims and many other types of mis-sold pension claims and always operate with no upfront cost.
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Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.
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A Small Self-administered Scheme (SSAS) is a form of defined contribution pension scheme and is designed to provide benefits for key employees.
SSAS schemes can be self-managed by employers for small groups of staff (up to 12 people). SSAS pension schemes are usually set up by business directors in order to gain control over pension investments.
An SSAS pension scheme may be provided by insurance companies or a form of pension provider. An SSAS pension scheme will be managed by its trustees who are often also members of the scheme.
Members of the SSAS pension scheme and/or the employer may contribute to the SSAS and contributions will have tax relief (depending on specific conditions).
These schemes are seen as advantageous to smaller, family businesses because they allow for more flexibility when it comes to pension investment. Members can also decide how they want their pension savings to be invested and can even invest pension funds into the business.Get Started Today
If you are considering investing your SSAS pension, it is the responsibility of an authorised financial adviser to outline the risks associated with investment.
The Financial Services Authority warned in 2008 and followed it up in 2012 that many SSAS schemes were not suited to retail customers and many business owners ended up losing money as a result of being mis-sold their SSAS pension.
If you were told to purchase an overseas pension scheme that has ended up being completely unsuitable and damaging to your finances as a result of negligent financial advice, then you may be able to make a claim.
Similarly, if you were advised to transfer an existing pension or workplace pension into a high-risk venture that wasn’t right for your needs, you may be entitled to compensation.
If you believe that you have been a victim of a mis-sold pension, contact us and a member of our team will be happy to help.
Take a free initial assessment with one of our experienced case handlers to see if you can make a claim.Find out if you’re owed compensation
There can be no more than 12 members of your Small Self-administered Scheme (SSAS) but benefits can be extended to family.
To set up an SSAS pension scheme, you will need to appoint a professional provider to manage the scheme or select a member to take on admin responsibilities. You will also be required to register your SSAS with HMRC and The Pensions Regulator.
Examples of the types of investments that can be made from SSAS pensions include but are not limited to the following:
SSAS pensions are self-regulated and managed by members of the scheme – usually either staff or family members. The Pensions Regulator will oversee all SSAS pensions but issues can arise as a result of self-management, which is why this form of pension scheme can be risky.
You can transfer an SSAS pension to any form of UK pension scheme as long as it is registered with HM Revenue & Customs.
Find out more information about mis-sold SIPP claims here.
It is a requirement for an SSAS to be set up by a sponsoring employer but after that, they no longer have to be part of the process. This means that if the business is sold or finds itself struggling, the relationship with the sponsoring employer can be terminated and this does not affect the scheme.
An SSAS pension scheme reaps the same benefits as a personal pension scheme i.e. tax relief and a tax-free lump sum of 25% once you reach the age of 55. Like a personal pension, the SSAS also allows members the flexibility of accessing their pension whenever they choose to.