SSAS Pension: Does a SSAS pay Inheritance Tax? (IHT)

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Q. Do SSAS Pensions have to pay Inheritance Tax (IHT)?
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Full Description 📃

Does a SSAS Pay Inheritance Tax?
The main purpose of a SSAS for its Members is to build up a store of wealth for their retirement. One of the key advantages with SSAS, as with any UK pension, is that the funds held in the pension are not liable for Inheritance Tax (IHT). As a result, moving assets out of your business or out of your personal name into your pension could give your beneficiaries a saving of up to 40% on the value of those assets.

SSAS is the Best Wealth Cascade Vehicle
One of the key advantages with a SSAS is that it effectively creates a family wealth trust. If you have a good number of assets and savings built up within your SSAS, should anything happen to any one of the Members, having your family/beneficiaries included makes it much easier to cascade those assets down to them within the SSAS. This avoids the risk of those assets ending up either in their estates or even in your estate which would then make them liable to Inheritance Tax. SSAS truly is probably the best wealth cascade vehicle that you can lay your hands on.

SIPP vs SSAS: What Happens to the Pension Scheme Upon a Member’s Death?
Unlike a SIPP, which has to be wound up within two years of death, a SSAS does not have to be wound up on the death of one of the members. We merely remove that Member upon their death and the remaining beneficiaries can continue to own and run the assets that are held within the SSAS.. It’s a fantastic additional benefit of the SSAS that it is super Inheritance Tax (IHT) efficient.

Timestamps⏱️
0:00 Intro
0:12 The main purpose of a SSAS
0:41 A family wealth SSAS?
1:13 SSAS is the best wealth cascade

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