Member-directed Pension Schemes
A-Day introduced changes for the two types of member-directed pension schemes, SIPP and SSAS. These two different arrangements were largely brought into line with each other, with the following exceptions:
- SIPP would still be managed by an administrator;
- SSAS no longer requires a pensioneer trustee;
- SSAS continues to be able to offer loans to a sponsoring employer, although such "loanbacks" must now be secured against an asset of the borrower.
Read more about this topic: Pension Tax Simplification
Famous quotes containing the words pension and/or schemes:
“It is a sort of ranger service. Arnold’s expedition is a daily experience with these settlers. They can prove that they were out at almost any time; and I think that all the first generation of them deserve a pension more than any that went to the Mexican war.”
—Henry David Thoreau (1817–1862)
“Science is a dynamic undertaking directed to lowering the degree of the empiricism involved in solving problems; or, if you prefer, science is a process of fabricating a web of interconnected concepts and conceptual schemes arising from experiments and observations and fruitful of further experiments and observations.”
—James Conant (1893–1978)