S
sandycove
Guest
I am a director/owner in a small limited company. I am 38 with no pension to date, but wish to start now. I have read and contacted a number of providers in relation to Small Self Administered Retirement Trusts (SARTs also known as SSAPs). The indication I am getting is that I can invest 138% of my salary per annum in this pension fund. I also understand that you can now borrow within this scheme which makes it even more attractive. My cousin is a tax partner with PWC in Canada and is amazed at the generosity of this scheme.
My only issues are as follows:
1. Are there any snags to this other than the "hands off" investment criteria.
2. The two parties I have spoken to have been broker houses and do not appear to act as pension trustees themselves but use an independent one. Both have mentioned an initial fee of €5000 and €3500 and ongoing costs of 0.5% and 0.75% respectively. Whatever about the high entry level fee, I object to the ongoing costs as this is a % of the total value of the fund including any geared assets. Also, I feel that as this is a self administered fund, they bring little to the table. Can someone suggest a reasonable pension trustee who offers a flat annual fee.
Many thanks
My only issues are as follows:
1. Are there any snags to this other than the "hands off" investment criteria.
2. The two parties I have spoken to have been broker houses and do not appear to act as pension trustees themselves but use an independent one. Both have mentioned an initial fee of €5000 and €3500 and ongoing costs of 0.5% and 0.75% respectively. Whatever about the high entry level fee, I object to the ongoing costs as this is a % of the total value of the fund including any geared assets. Also, I feel that as this is a self administered fund, they bring little to the table. Can someone suggest a reasonable pension trustee who offers a flat annual fee.
Many thanks