New rules mean holders of small self-administered pension schemes (SSAPs) face dramatically higher fees from next April. Photograph: iStock
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Changes are on the way for holders of small self-administered pensions. Popular with business owners, landlords, entrepreneurs, IT contractors and medical consultants, “SSAPs” have been a flexible, tax-efficient way to save for retirement. New rules, however, will mean hefty annual charges from next April.
The big upside of SSAPs was that, unlike an occupational pension scheme, you were less limited in where you could invest your money. Investments in property, loan notes, crypto, stocks and commodities were all possible. Some people have leveraged this kind of pension to buy a rental property with a mortgage.
Take a coffee shop owner w
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