Why defined benefit SSAS now even more attractive to SMEs

Budget changes will increase use of DB SSAS by company directors

clock • 3 min read

Alan Godbeer looks back on the Budget changes and says the pension allowance overhaul makes SSAS written under DB rules more attractive…

The chancellor's announcement to increase to £60,000 per annum the pensions annual allowance (AA) and to abolish the lifetime allowance (LTA) will of course have a positive impact on everyone wishing to maximise their pension provision. With there being no limit now on the size of an individual's pension wealth in retirement, anything that allows for greater and quicker accumulation of value within schemes must be applauded and a specialist small self-administered scheme (SSAS) written under defined benefit (DB) rules could prove invaluable in this regard. The way in which the AA is t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

New pensions minister: Advisers cautiously welcome 'radical thinker' Torsten Bell

New pensions minister: Advisers cautiously welcome 'radical thinker' Torsten Bell

Former CEO of Resolution Foundation takes over pensions minister brief

Jenna Brown and Isabel Baxter
clock 15 January 2025 • 7 min read
Retirement confidence: Why are women still lagging behind?

Retirement confidence: Why are women still lagging behind?

'If we don't do better, the gender pensions gap won't be closing any time soon'

Laura Barnes
clock 14 January 2025 • 4 min read
Administrators reach sale deal for PSG's Unity SIPP

Administrators reach sale deal for PSG's Unity SIPP

Scheme operated around 5,500 SIPPs

Jen Frost
clock 10 January 2025 • 2 min read