Most Mysterious NS and I

Chapter73

I phoned and also ‘live chatted?’ NS amd I, about their income bonds, as , i am going to draw from my ssas soon, and want to put money into one account now (as each of my investments come to maturity), but with protection...rather than spreading for the fscs limits.

I looked on the investment sense website which says nsi income bond will accept ssas .

I rang to make sure and the ‘operator’, who spoke to her supervisor, mysteriously said that she ‘wasnt allowed to say whether they accept ssas money or not’ and i should ask the pension ombudsman!

It was like a monty python sketch...and she admitted herself it is ridiculous.

So, does anyone know a. If nsi income bond will allow ssas, and b. Will the income be paid back into the ssas?

Thankyou

HappyHarry

Chapter73 wrote: »

I phoned and also ‘live chatted?’ NS amd I, about their income bonds, as , i am going to draw from my ssas soon, and want to put money into one account now (as each of my investments come to maturity), but with protection...rather than spreading for the fscs limits.

I looked on the investment sense website which says nsi income bond will accept ssas .

I rang to make sure and the ‘operator’, who spoke to her supervisor, mysteriously said that she ‘wasnt allowed to say whether they accept ssas money or not’ and i should ask the pension ombudsman!

It was like a monty python sketch...and she admitted herself it is ridiculous.

So, does anyone know a. If nsi income bond will allow ssas, and b. Will the income be paid back into the ssas?

Thankyou

Do you mean;
a) Can I hold a NS&I product in my SSAS?
or
b) Can I take money out of my SSAS and put it in a NS&I product?

The answer to (a) is it depends on the SSAS provider, you would have to ask them.

The answer to (b) is yes, though you will face the standard procedures and tax for drawing money from a pension.

I'm not overly surprised the NS&I representative was struggling, they are not pension experts.

I would suggest that your SSAS provider are the best people to ask.

Chapter73

Hi happy harry

It was a..can i hold an nsi product in my ssas.

If my ssas provider does allow, where does the monthly income get paid please? Can it be paid into my pension?

Marcon

Chapter73 wrote: »

Hi happy harry

It was a..can i hold an nsi product in my ssas.

Sounds as if NS&I were concerned that anything they said might be construed as advice, given that the information is on their website for you to look up for yourself. See https://www.nsandi-adviser.com/income-bonds and scroll down to the FAQ.

If a SSAS investment pays income, then the income is paid into the SSAS. As a trustee of your scheme you might do well to check your own rules.

Asking NS&I was asking the wrong party - you need to look at the rules of your SSAS to see if your particular scheme permits it. You're the one who has the copy of those, not NS&I!

Chapter73

Thankyou all. I stand informed, corrected and chastised....

Genuinely, thankyou for going to the trouble of writing back to me.