Taking a stand: Why industry must act now to save SSAS

'Now is the time to voice your concerns and respond to the review'

clock • 3 min read

Lisa Webster makes a call to arms as the future of small self-administered schemes is under threat...

Small self-administered schemes (SSAS) are facing their biggest threat since their launch nearly 50 years ago. Under Department for Work and Pensions (DWP) proposals to change the general levy on pension schemes, schemes with less than 10,000 members, including SSAS, will pay an additional premium of £10,000 from 2026. Currently, the levy for SSAS is £44, under DWP's preferred option from 2026 it will be £10,049. A SSAS can have up to 11 members, but in practice most have two to four. So for an average scheme with three members that's £3,350 per member. What does the general levy p...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Compulsion and choice: Lessons from the Aussie pension system

Compulsion and choice: Lessons from the Aussie pension system

In his latest article for Professional Adviser, Roger Brosch explores what the ‘super’ Down Under means for pensions up here

Roger Brosch
clock 10 July 2024 • 4 min read
Whichever political party wins on 4 July pensions need reform

Whichever political party wins on 4 July pensions need reform

A more bold and ambitious vision will be required

Jonathan Hawkins
clock 02 July 2024 • 5 min read
Why it's time to shout louder about third-party pension contributions

Why it's time to shout louder about third-party pension contributions

Despite all the noise around pensions, engagement is still deafeningly silent

Laura Barnes
clock 02 July 2024 • 4 min read