Browse All Tribes or choose a Tribe below:
By signing up I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Sign Up With Facebook, Twitter, or Google
By signing up, I agree to Property Tribes Terms and Conditions
Already a PT member? Log In
Don't have an account? Sign Up
To reset your password just enter the email address you registered with and we'll send you a link to access a new password.
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.
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
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
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.
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
There is a book that I read recently by Mark Stokes on SSAS Pensions which might help.
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
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?