Common Sense Prevails
Peter Collier

Peter Collier
Director of Marketing and Distribution

When 284 out of 287 professional responses says you are wrong – then that might just be so. And with that weight of industry pressure, the Government has listened.

Peter Collier, Director of Marketing and Distribution comments on the DWPs response regarding the possible introduction of a crippling levy for Small Self-Administered Schemes (SSAS).

“The Government today (4th March 2024) published its response to the General Levy consultation and the sector breathes a collective sigh of relief, as common sense did prevail and SSASs will not be impacted by the proposed £10,000 premium.

“The consultation document was met with some spectacular hyperbole regarding the future of SSASs and I am very pleased that in the much-misquoted words of Mark Twain, reports of the death of SSAS have been greatly exaggerated. While SSASs sit within the targeted pension group, they exhibit several characteristics which should set them apart for the purposes of the DWP and The Pension Regulator proposals.

“I am sure that much thanks goes to the Association of Member-Directed Pension Schemes (AMPS), not only did they respond on behalf of their membership, but also mobilised them to respond individually to the consultation; it clearly worked and SSASs will not be impacted by the £10,000 premium. It is just a shame that there has been 6 months damage done to the SSAS sector and to small businesses especially in the run up to the end of the tax year when advisers and directors are looking at their retirement planning.”