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A SIPP is a Self-Invested Personal Pension, which is the same as a Personal Pension except that it allows a much wider range of investments, including shares and direct holdings of commercial property.
SIPPs are used by individuals who want to have more control over the investments in their pension fund, particularly those wanting to have direct holdings in commercial property.
A SIPP allows business owners to buy business premises for their own use. This gives them control of the premises and allows the pension fund to benefit from the rental income.
What is a SSAS?
A SSAS is a Small Self-Administered Scheme, which is basically an occupational pension scheme with less than 12 members. A SSAS is generally designed for controlling directors of companies. Like a SIPP it can invest in a wide range of investments including commercial property. Importantly it can purchase property already owned by the SSAS sponsoring company. It may also give loans to the sponsoring company.
Both SIPPs and SSASs have advantages over simple pension schemes but can be quite complex, particularly if property is involved. There are many rules affecting each type of plan and these should be fully understood before a scheme is set up.
© John Bramwell 2005
BV Services is Authorised and Regulated by the Financial Services Authority
Get your finances
in good shape!
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