Employers who wish to provide maximum benefits to key staff may establish a Defined Benefit Small Self-Administered Scheme (DB SSAS). A DB SSAS will provide all the flexibility of a traditional money purchase SSAS but benefits are accumulated in the format of a Scheme Pension from a Normal Retirement Age.
A maximum annual pension may be awarded in each tax year and the scheme actuary will calculate the contributions required to meet the benefits promised. A DB SSAS would be funded on a cautious basis and therefore the contributions required may well be higher than would be possible in a defined contribution pension scheme.
Nigel Sloam & Co provides a fully flexible DB SSAS and actuarial services, including advice on contributions and funding requirements.