Types of Self Administered Pensions

If you are reading this section of the web site it is likely that you are trying to establish what form of Self Administered Pension would be the best fit for you or your clients individual pension needs. The good news here is that we will have a Self Administered Pension structure for nearly every employment situation. We charge a fee for most to all our pension products and this means that charges are fully transparent. If you want to purchase a property or buy a bi-spoke asset of your choice than one of our Self Administered Pensions will be suited for you. A Self Administered Pension is the most flexible of pension arrangements, that is because it will cater for multiple investment forms from multiple investment providers. Why not pick the best investments from many providers with a clear and simple understanding on all fees, charges and commissions!

As Pensioneer Trustees we are also happy to answer any queries from the general public or indeed we can answer technical pension queries posed from Accountants and Financial Advisers for their clients. Please contact us, we would like to help.

Here is a brief description below on the various Self Administered Pensions offered to customers of Signature Trustee Services:

Small Self Administered Pensions (SSAS)  

Typically this is a pension offered to Directors of companies. The pension is sponsored / set up by the Employer for its key staff. Most of the time it is a Company Director who would have a pension like this. This is a tax efficient savings plan to which both employer and employee can contribute. Most SSAS Pensions usually have one member. The pension can have a number of Trustees but the benefits are payable to usually one key member in retirement. This type of pension is our speciality here in Signature. We act as Pensioneer Trustees for over 275 Small Self Administered Pensions arrangements. SSAS pensions like all self administered pensions will give you direct control of your pension and allow you make large company contributions as a vehicle to ease your tax liabilities.

Self Administered Group Pensions

If you are an employer in a company or if you work in HR and are responsible for the group pension, maybe consider giving us a call? We have over 40 Group Schemes that we act as Trustee on and are expert in the area. A Self Administered Group Scheme can be established for staff so that you can give people a choice of investments across thousands of funds (if they wish). Typically most of our Group Schemes offer a choice of maybe 5 or 6 funds for staff. The main benefit to the staff is that the Self Administered Structure allows the Investment Manager select investment funds that are "best in class" across multiple companies. Staff are not tied into one company or one particular fund. This structure allows members of the scheme complete flexibility to change investment direction within their pension. If you are an employer or a Finance person you would greatly appreciate the clear and transparent pricing offered on a Group Self Administered Pension. You clearly see all costs broken down with no hidden charges, fees or commissions. 

The job of a Trustee is very important and i would strongly recommend you consider calling up a corporate Trustee for some advice (That can be us or one of our competitors!). Everyday we witness "member trustees" acting on behalf of their group scheme. This is a serious job and we strongly recommend you engage a professional firm like ourselves to take on the responsibility as a Corporate Trustee.

Self Administered Personal Retirement Bonds or Self Administered Buy Out Bonds (PRB or BOB)

Self Administered Personal Retirement Bonds are great if you have recently left your job or if you have left employment. Possibly you may have even received a letter from your old employer in relation to a previous benefit (Retained Benefit) you have from an occupational pension scheme. We are coming across a lot of people contacting our office currently looking for advice on Defined Benefit Pensions that are closing down or winding up.

If that sounds familiar than you are a candidate for Self Administered Personal Retirement Bond. Self Administered Personal Retirement Bonds are also known as Buy Out Bonds and they are individually owned by you the member. When you are transferring from a Company Occupational Pension into a Self Administered Personal Retirement Bond the value of your benefit is also transferred across. Once established you can buy direct property and access thousands of funds if you wish. Again the charges are clear and fully  transparent. The Bond is owned by you and it gives you the power to control your own destiny until retirement. Correspondingly the retirement options available mirror the rules of the occupational scheme your fund was previously held in. 

Small Self Administered Personal Retirement Savings Account (PRSA) 

Self Administered Personal Retirement Savings Accounts are designed mostly to help Employees in working in a company where theuir employer does not offer a pension to staff. Like all pensions you benefit from generous tax relief on your contributions, but your money also grows tax-free until you retire. A PRSA is considered an excellent transportable pension allowing people to move their pension from job to job. You can make contributions into this pension and your employer is also allowed to make contributions into the pension if they wish. PRSA's give you 25% tax free at retirement and they also allow you to invest the balance of funds in an income for life (Annuity) or ARF or you can chose to take taxable cash.