Pension fund interest rates

petejones76

Greenal, your intentions are good recommending an IFA, however, as a SSAS specialist I can say with certainty that a lot of IFAs have no clue about SSASs
and only a sketchy knowledge of SIPPs.

SSASs are a specialist product and for better or for worse their providers won't be found on pension comparison websites!

SIPPs and SSASs can indeed invest in anything as you say. However, if they invest in anything not permitted under HMRC rules a 55% tax charge applies.

You need a SSAS/SIPP provider who doesnt cost the earth.

greenal

As you say SSASs are more of a specialist subject than SIPPs, and I agree there are limited number of advisers who truly know the in's and out's or should I say the detailed side of a SSASs. The majority of the time in my experience IFAs end up either refer you to another IFA who does specilise in this area or has an armoury of SSAS companies, which they work alongside. One in particular is Dentons (other companies are available), which have a very detailed understanding of SIPPs and SSASs.

I do agree that your right they most probably can't be found on pension comparison websites. Yep that nasty 55% charge for investments that aren't allowed in the SIPP or SSASs needs to be watched out for.

Peter I concur with everything your saying. But there are good honest well experienced IFA's out there that can help, its a shame we don't have a shortened list of IFA's that fit into this category. Hopefully with RDR coming in, it should shake up the industry.

petejones76

Greenal, I agree entirely with what you are saying. Some IFAs are very experienced regarding SSASs, however, they still tend to take their advice from the actual SSAS provider.

rosse999

I don't know a huge amount about SASS but as you've sold your business do you still need the advantages that a SASS provides? could you convert to a SIPP, which might be cheaper to manage?