Can You Transfer a SIPP into a SSAS?

Yes, you can. In fact, you can transfer various types of UK pension into a SSAS, as long as the pension scheme is registered with HMRC.

We would of course always suggest that if you already hold a SIPP you seek independent financial advice to make sure that transferring the SIPP into a SSAS is the right thing for you. 

What are the Benefits of Transferring a SIPP into a SSAS?

There are many reasons why you might consider transferring your SIPP into a SSAS. For example:

Tax Benefits

SSAS provides members with numerous tax benefits such as, no income tax on allowable investments, corporation tax savings and no capital gains tax. SSAS is one of the best low-tax environments in which to grow your pension fund and save for retirement.

Control and Flexibility

One of the biggest benefits of a SSAS, compared to a SIPP, is that it gives members a higher degree of control and flexibility, particularly around investments and decisions on how pension funds should be used. This means you have control over your money and what you want to do with it.

Commercial Property Purchase

A common reason to move from SIPP to SSAS is because a SIPP provider might not  provide the option to purchase commercial property. Many SIPP providers have pulled out of the commercial property market over the last few years, however SME Director clients often own commercial property from which their business trades. 

Owning commercial property within a SSAS offers significant tax benefits. For example, to purchase a commercial property members can use the Company contributions within a SSAS to fund the purchase, therefore directing funds back into the Company. This allows you to make significant savings on capital gains tax/

Increased Pooling Power 

Transferring existing pensions into a SSAS is one of the best ways to increase ‘pooling’ power. This means all members without the SSAS can combine their pension funds to boost the fund and have more money available to purchase assets.

Pooling funds is one of the best ways to boost your finances within SSAS so that you can invest in assets you couldn’t otherwise afford. What’s more, if your business needs additional finance, members can convert their existing SIPPs into SSASs so that a loanback can be made to the sponsoring employer, thereby boosting your funds.

Wider Investment Opportunities

A SSAS offers numerous investment opportunities, some of which aren’t available inside a SIPP. If you would like to find out more about the investment opportunities inside SSAS, we encourage you to speak with our sister company, One Crown Investments, for more information.

It is possible to move investments held in the SIPP to the SSAS without having to sell them. Talk to us to find out more.

Should You Transfer Your SIPP into a SSAS?

Just because you can transfer your SIPP into a SSAS, doesn’t mean that you should or that it’s the right choice for you. There are numerous details to consider before moving all of your pension savings into a SSAS, from your financial situation to your personal circumstances and financial goals.

Watch our video: SIPP vs SSAS: What’s the Difference?

Transfer Your SIPP into a SSAS with One Crown Pensions

When you are ready to, you can move SIPP to SSAS with One Crown Pensions. Our team will even sort out the paperwork, making light work for you. We’re here to help the transfer process go as smoothly as possible.

If you’d like to discuss transferring your SIPP into a SSAS with One Crown Pensions, book a call to speak with a member of our SSAS Provider team.

Watch our video: Can I Have Both a SIPP and a SSAS?