IFAs expect Ssas interest to boom following Spring Budget
- On March 22, 2023
- By GrowthInvest Marketing
Advisers expect interest in small self-administered pension schemes to boom among business owners following last week’s Spring Budget.
In particular, some have said this may be fueled by a desire to purchase commercial property.
Last week the government removed the lifetime allowance on pension pots to encourage high earners to stay in work longer.
The lifetime allowance caps the total amount a person can save in a pension without having to pay an additional tax charge.
Currently it sits at £1,073,100 but following last week’s Budget the lifetime allowance charge will be removed from April 2023 before the allowance is abolished entirely from April 2024.
Advisers said this change may tempt many business owners who want to borrow money from their retirement pot to start building their Ssas even further.
Joshua Gerstler, a chartered financial planner at Borehamwood-based The Orchard Practice explained that Ssas’s have always been a good vehicle for business owners who want to lend themselves money from their pension schemes.
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