Ssas into a personal pension

tingly

Hello
I have a ssas (shared with one other person), however the admin charges are horrendous, and are wiping our any profit. I have just sold the small business that it was associated with.I am 70, dont want to draw it yet, but wondered could i transfer the funds into a 'normal' personal pension at all ( i want one that invests in a low risk environment as I would like the funds out at 75)
Thanks

xylophone

http://www.whitehallgroup.co.uk/CubeCore/.uploads/pdf/ssas/SSASMemberTrusteeInformation.pdf

Looking at the above, it would appear that this is possible, but you would do well to check with the administrators of the scheme into which you wish to transfer.

It may be that they would require you to have taken advice.

3card

Hi

I transferred my SSAS to a personal pension plan back in 2008 so yes you can do it and i recall it was pretty painless.

I did go through a IFA but i had been using this company since 1991 so I felt i could trust them to sort it out for me

HTH

tingly

Thanks all for the advice.
Out of interest , do you happen to know of a personal pension plan that invests in cash/bonds as I may wish to vest in 5 years and dont want to put it in anything risky.

xylophone

a personal pension plan that invests in cash/bonds

You choose the funds within the personal pension.

You can take advice from an IFA.

https://www.unbiased.co.uk/

Malthusian

tingly wrote: »

Out of interest , do you happen to know of a personal pension plan that invests in cash/bonds as I may wish to vest in 5 years and dont want to put it in anything risky.

Virtually all personal pensions will offer a variety of funds which will include cash and fixed interest.

Putting all your money in cash for 5 years is potentially highly risky because of inflation risk and shortfall risk. You said you "may" wish to vest in 5 years - what do you anticipate spending the money on in 5 years? Is it that likely that you would wish to encash the entire pension at once given the unnecessary income tax that would arise?

If in five years' time you decide not to spend the entire pension, would you be happy with missing out on five years' of investment growth and having a pension that was worth 90% of what it was five years ago in real terms?

tingly

Good point all
Thanks for the advice