How to you set up a Small Self-Administered Pension Scheme?

Setting up a SSAPS has three key steps.

1. Identifying funds

Setting up a Small Self Administered Pension (SSAP) in Ireland involves significant time and effort on your part – so you’ll need funds available (or earmarked), to contribute the SSAP. We advise on Small Self-Administered Pension Schemes with a target opening value of €300,000 or more.  This could come from existing pensions transferred in, new company contributions, as well as contributions from your salary.

The maximum contribution that can be made to a SSAP in any one year is determined by Revenue limits – Moneycube can run calculations on this to form a view on scope to fund your pension.

2. Investment strategy

We will help you to develop an investment strategy for your pension, including appraising investments you have identified, determining a funding structure, and creating a wider diversified portfolio outside any core property holding.  We also assist with ongoing performance monitoring.

3. Open SSAPS account

Now it’s time to sort the paperwork.  Alongside the pension trustee, Moneycube will assist in opening your SSAPS account and getting the key requirements in place, such as preparing documentation for Revenue approval, appointing providers for banking, stockbroking, and so forth.

Read on: Moneycube pensions blog