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All SSASs must be individually authorised by HMRC although, they are not regulated by the Financial Conduct Authority.
Unlike conventional defined contribution arrangements, SSASs and SIPPs are also able to receive 'in specie' transfers.
SSASs and Sipps are usually set up on a money purchase basis, meaning there is no definite promise of a particular level of benefit.
Some SSASs and SIPPs contain investment policies taken out in the name of specific members, as well as the more usual type of investments such as loans, equities and property.
SSASs can vary between a relatively simple arrangement, usually effected through an insurance company, to a more complex arrangement set up to suit specific needs, usually through pension consultants.
SSASs are special types of pension arrangements with very wide powers.
SIPPs (Selnvested Personal Pensions) are similar to SSASs except they are Personal Pensions as opposed to company and can move with each employee member.
Like SSASs they give pension members a direct say as to the specific investments to be held and when they should be bought or sold.
In practical terms SSASs sit somewhere between large company pension schemes and self invested investment pension plans, or SIPPs.
Small Self-Administered Schemes (SSASs) have special rules applied to them and can allow a great deal of flexibility.
So far they mainly involved small seldministered schemes (SSASs) although the Inland Revenue has said the restrictions on early retirement and continued employment applies to all pension scheme members.
In practical terms, SSASs sit somewhere between large company pension schemes and self-invested investment pension plans, or SIPPs.
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