Money In

A SSAS can be funded by contributions from the employer and the members as well as by transfers from other registered pension schemes. There is no limit on the level of contributions that can be made. However, tax relief will only be granted on contributions up to certain thresholds. Contributions which exceed these thresholds will not receive tax relief on the excess.

Company Contributions

The member’s company can contribute to the scheme. Tax relief will be granted provided the contributions are ‘wholly and exclusively for the purposes of the business’ and providing the contributions do not exceed the annual allowance (see below).

Tax relief on the employer's total contributions to pension schemes will be spread if they exceed £500,000 and constitute an increase of at least 210% on the previous year's contributions.

Personal Contributions

Members can make personal contributions to the SSAS. Tax relief will be granted on contributions of up to 100% of the member’s earnings in that tax year up to the annual allowance (see below).

Transfers In

In addition to receiving contributions, SSASs can also accept transfers from other registered pension schemes. If appropriate, it is also possible to assign the other schemes to the SSAS.

Please note, however, that SSASs can not accept transfers of protected rights funds or from contracted out schemes.

Lifetime Allowance

Member’s should also bear in mind that their total funds will be tested against the Lifetime Allowance when they come to take their benefits. This may have a bearing on the level of contributions that are made to the scheme.