As a business owner, pension funds can be very useful to you, not only with the ultimately provide you with an income in retirement, they can also provide support to your business in the years preceding retirement.
Both SIPP (Self Invested Personal Pension Plans) and SSAS (Small Self Administered Scheme) schemes have wide investment powers allowing them, for example, to purchase property from which your business could trade, lend money to your business or even purchase shares in a business.
We can advise on both existing schemes which may be in place and also the benefits of setting up a new scheme, which may be funded from existing Personal Pension Plans. The interaction between your business and your pension fund, when managed properly, can be very powerful. For example, a scheme can help your business purchase a property to trade from when there may not be sufficient liquid funds in the business to make such a purchase. Alternatively, you may not wish to tie of your working capital in property.
The popularity of the self invested pension plan, whether it is a SIPP or SSAS, has increased dramatically in recent years. Costs have come down, many investment providers have launched SIPP-friendly products and the UK government has ensured many different types of investments qualify for inclusion in the schemes.
Both the SIPP and SSAS are tax-efficient wrappers which sits around your retirement fund, allowing you to pick your investments from a wide selection. It gives you great control and flexibility over the investments, allowing you to tailor your scheme to match your requirements.
