Taking Retirement Benefits from your SSAS
You can take benefits from your SSAS any time after age 55. You can use the assets in your SSAS to provide some or all of the following benefits:
Tax-free cash
You can take a tax-free cash lump sum of up to 25% of your fund *(subject to the lifetime allowance). In certain circumstances it may be possible to draw more than 25% of your fund as tax-free cash. SSAS Practitioner will unlock this extra tax-free cash where available. There is no requirement to cease working to take benefits.
Annuity
You can buy an annuity from an insurance company. Comparison quotes
Income Drawdown
You can use SSAS assets to provide you with a regular income using Income Drawdown. This can be varied to suit your tax requirements and personal needs. You take between 0% and 120% of your HMRC-allowed entitlement (the amount you can take depends on your fund value). 100% represents approximately what an annuity would provide.
Use our Income Drawdown Calculator to determine maximum Income Drawdown available from your SSAS.
Phased Retirement
Phased Retirement allows tax-free cash and an income to be taken from your fund in a way that reduces tax liability on death.
Scheme Pension
A guaranteed annual income from your fund regardless of the SSAS's investment performance. Available with guarantees, ie income will be paid to dependants after your death.
Depending on your SSAS investments, the timing of some of these options may be limited. For example, if your SSAS is invested in commercial property, it may take some time for the property to be sold.
SSAS Practicioner.com can help with the planning of investments and payment of benefits to ensure the required cash is available in your scheme. To see what your pension is likely to be after taking tax-free cash please see our drawdown calculator. There is no need to retire from employment or give up any directorships before taking benefits from the SSAS.