Small Self Admin Pension Schemes

I want to set up a SSAS pension for myself. At 48 what is the maximum amount I can place into the fund in year one. I have never been in or contributed to a pension before.

Hi AGB - the max that you personally can put in (as a 48 year old) is 25% of salary (as with PRSA, Personal Pension, Occupational Pension).

BUT (and it is a big but) - the company that you work for can also contribute to the SSAS for you - the % that company can contribute is only limited by revenue maximum pension rules, and the most you could contribute would be if you went for a retirement age of 60 (the youngest allowable retirement age in most normal circumstances) - this would mean you could fund for a pension of 2/3rds of your salary at age 60.

I would need personal details to calculate exactly for you how much can go in from company for you, but it could certainly be in excess of 100% of salary.

Thanks CapitalCCC - So its really only limited by the level of profitability of the company in that year. What about future years would I be restricted to the 25% limit?

Hi AGB

It has absolutely nothing to do with the company's profitability!

The maximum you can put in (every year) is determined by the amount of taxable salary that the company is paying you, you can fund (allow for the three year average rule if you are 5% director) for up to 2/3rds of this at your retirement.

This is the same every year, company is not restricted by the usual 15%/20%...contribution limits that apply to personal contributions.