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  • Property-a-holics

    SSAS Pension

    Hi All, I have an established SSAS pension and I believe there is a way of transferring a final salary pension into a SSAS, does anyone know the pros and cons of doing this with a final salary pension.  

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    Hi Clive.

    I am in the process of doing the same. There are many advantages of doing this, one being you control your pension and your family for generations may benefit. 

    As you will appreciate there are HMRC rules you have to comply with.

    My advice is speak with The Landlord Pension. Ask for Liam Hillier. (I am assuming you are thinking of using your pension to invest in property)

    thelandlordspension.co.uk
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    Hi,

    Thanks for the quick reply much appreciated, my partner has now reached 55 years old and has a final salary pension with M&S, her current transfer value is £306k, I know the advantages of having a SSAS as I have one myself, the only difference is my partners pension is a final salary and I thought I would reach out on here if anyone has done the same with this type of pension and as a result would the transfer value of the final salary be affected in anyway

    And yes we would be using the pension to invest in property

    Thanks

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    Its worth paying a Good IFA for this sort of thing

    If it is a Final Salary from M&S it was at one time one of the very best on the market

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    Learn Change and Adapt ?????

    All comments are for casual information purposes only. If you wish to rely on any advice I have given please ensure you obtain independent specialist advice from a third party. No liability is accepted for comments made.

    Hi Clive.

    Mine is also a final salary pension. As it's a defined benefit pension and the transfer value is over 30,000 you will need advice from a FIA. Though this is all managed by the landlord pension company. 

    I do think it would be worth you giving them a call. I've been working with Liam, who is excellent at what he does and the advice he provides.
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    Thanks Richard,

    I totally understand that we would need to have a consultation with a specialist which we are happy to do and have also arranged, we were just wondering if anyone on the portal has transferred a final salary as mentioned earlier.   My Payne to answer you're question

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    Clive

    There is a book that I read recently by Mark Stokes on SSAS Pensions which might help.

    DMS


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    Clive sorry can’t help. But I’d love to hear more about how and why you use a ssas, if you’d be so kind!
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    Thanks All for your comments

     

    Richard and Dislexic Landlord  -  I totally understand that we would need to have a consultation with a specialist, we were just wondering if anyone on the portal has firsthand experience of a transferred final salary.

    David  -  Thanks for the book recommendation

    Mr Payne  -  To answer your question, I originally set up my Limited Company and SSAS pension scheme trust fund 3 years ago, I transferred my frozen pension pot into my SSAS and used half of this to invest through my Ltd Company as a pension loan, I have since repeated this process which works well for me as I have total control of my pension which I can leverage to get the most out of and benefit from the tax advantages associated with the SSAS, another great benefit you don’t have to be 55 to get access to this alongside you’re Ltd company, I started using mine when I was 50. Hope this helps with your question  


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    Thanks for the response. It really does sound interesting. Would you consider another thread to share your process of deciding making and what the benefits and drawbacks might be?
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    Potential drawback is of course that DB schemes have all the "investment" risk with employer - incl deferred pensioners as in this case - whereas the converse applies once the pot is transferred elsewhere.

    Also be interesting to know the actuarial reduction in this case for transferring out?

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