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Taylor Patterson makes SSAS pensions more affordable

Preston-based financial advisory group, Taylor Patterson, has responded to the rising costs and onerous administration requirements of winding up SSAS (small self-administered scheme) pensions by offering a new range of lower cost SSAS products.

A flexible occupational based scheme, a SSAS enables individuals or small groups to build their retirement provision over many years. However, over that period, the underlying investments may change, requiring greater management input from the scheme’s financial adviser.

‘The fees associated with managing a SSAS often encourage companies or individuals to transfer their assets to a SIPP (self invested personal pension), which is usually cheaper to manage,” explains Kerry Houghton, Business Development Manager at Taylor Patterson. “However, making this change can incur significant costs, in addition to creating an onerous admin burden, because the SSAS has to be wound up with HMRC and a new scheme will need to be set up. Moreover, the SIPP created to replace a SSAS may not give the same level of flexibility, limiting the contributors’ options for releasing funds both before and after they reach retirement age.”

Taylor Patterson’s answer has been to launch a range of SSAS products with reduced fees to enable clients to benefit from the flexibility of SSAS pensions while managing the costs in line with SIPP alternatives.

Kerry continues: “At Taylor Patterson we are constantly looking at the needs of our clients and exploring new ways to address them. To this end we reviewed our existing SSAS charging structure, finding opportunities to reduce fees and make them cost competitive with our SIPP charges.”

The new SSAS products from Taylor Patterson include a ‘One Member SSAS’, and an ‘Investment Only SSAS’. The One Member SSAS has been devised in recognition that a one person scheme carries a reduced administrative burden as compared to a multi-member scheme, enabling a reduction in fees. The scheme retains the flexibility for conversion to a full SSAS if additional members wish to join at a later date. The Investment Only SSAS, meanwhile, recognises the reduction in resource requirements when a scheme involves straightforward investments only, rather than a combination of investments, property and loan backs. With both schemes, the costs are reduced but the client can retain the option of converting to a full SSAS pension at a later date at no initial cost.

Kerry adds: “With falling annual allowances, a One Member SSAS is an attractive option for individuals who want to keep a flexible, occupational-based scheme. Alternatively, an Investment Only SSAS provides a wide range of investment options including cash deposits, collectives, discretionary portfolios and insurance company trustee investment plans, enabling clients to build funds for investment in property or loan backs later down the line. Both products are our innovative response to the need to provide a wider choice of cost­ effective pension scheme options and we anticipate a significant take up from both existing and new clients.”

 For more information on our SSAS products contact Kerry Houghton on 01772 550614 or email Kerry.houghton@taypat.co.uk

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