Rowanmoor sees increase in SSAS interest from advisers

Rowanmoor says it is seeing an increasing demand for SSASs as advisers explore new options for small business owners. The firm recently held a series of workshops nationwide to help advisers understand the benefits of offering SSASs.Robert Graves, head of pension technical service, said: "We wanted to go back to basics and demonstrate SSASs as a vehicle for providing retirement income and also a very valuable corporate tax planning arrangement. Some delegates were already using SSASs and were already knowledgeable whereas others were finding out the advantages and how to use them."Over half of the delegates at the workshops were already using SSASs while the remaining 45 per cent showed an interest in how they could start using them. Rowanmoor currently has 3,797 Sipps and 3,041 SSAS.Mr Graves said the main reasons clients were using a SSAS were for the commercial property and loan-back facilities. He also said that knowledge of SSASs helped advisers to justify their fees and demonstrate their value by being able to offer more solutions.{desktop}{/desktop}{mobile}{/mobile}Unlike Sipps, SSASs had a very defined target market and were a niche area. He said: "The majority of people would be eligible to use a Sipp but SSASs will always be a niche area as they have very different suitability and eligibility criteria. There are a lot fewer small businesses than there are individuals. They're mainly for small family-run businesses with 3-4 directors."SSASs are regulated by the Pensions Regulator and Mr Graves said this was a "very different regulatory regime" to the Financial Conduct Authority.He warned of the dangers of using non-professionals and said that consumers should always ensure they are using a professional firm."The fact that non-professionals can set up a pension scheme and manage it themselves as a trustee is a cause for concern. We know what we're doing and do robust due diligence on every investment but there are huge dangers if you don't use a professional service, you can easily fall into a trap."Consumers are exposing themselves to risk and will only have themselves to blame. Only time will tell whether the authorities decide to tighten the rules."

Rowanmoor sees increase in SSAS interest from advisers

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