BUSINESS For over 40 years, Small Self-Administered Schemes (SSAS) have been used by business owners to provide control over their pension fund and simultaneously assist in the development of their business. They have the potential of being one of the most tax-efficient vehicles available in family wealth planning
FAMILY BUSINESS PENSIONS – ARE YOU MISSING OUT? There is increasing complexity in financial life and sometimes your need for expert advice may not be immediately obvious. Julie Sebastianelli looks at a real client situation (suitably redacted) which started with a small pension query and ended somewhere completely different! A few years ago, an accountant asked me to help the patriarch of a family business (let us call him Philip) with what seemed a straightforward pension matter. In my experience, pensions might be simple to understand but expert advice is often needed, and sometimes before it is too late. In this case, the advice required related to a pension scheme nomination. Like a Will, a nomination specifies who the member would like to receive any unused pension on their death. But it is not exactly like a Will as the pension usually falls outside of the estate and the rules for pensions are different. Philip had been married twice and had two adult children (step siblings) who did not get on, while his second wife was on poor terms with Philip’s eldest child (from his first marriage).
In our world, one ❛❛ size does not fit all.
Your financial requirements and objectives are as unique as you are ❜❜ 34
