Information about SIPP / SSAS
General Background
Neither SIPPs or SSASs are new, the former having been around since 1991 and the latter even longer. Their aim is to provide benefits for or in respect of a person in the event of retirement (although one does not need to ‘retire’ to receive benefits), death, attaining a particular age or in the event of serious ill-health, incapacity or similar circumstances. Both are member-directed pensions - this means in theory the scheme member can exercise some control over where the pension scheme is invested, although the scheme trustees, scheme administrator and/or scheme operator, of which the scheme member may be one, will have the ultimate say in where pension funds are invested.