Meanwhile, Ssas soared in popularity during the Covid-19 crisis thanks to their loanback feature, which allows members to take a loan without having to pay an unauthorised payment tax charge.
Whitehall Group said Ssas registrations in the first 10 days of April alone were almost eight times higher than figures reported for January as more people became aware of the loanback facility.
The number of loans completed more than quadrupled in April on January’s activity. Similarly, Mattioli Woods and Dentons had also seen more enquiries.
Mr Mattison said: “Many of our clients have done incredibly well since the first lockdown in March. Transport and delivery firms, packagers and some builders are just a few companies holding Ssas with us that have seen a massive increase in revenue.
“Consequently, they are funding their pensions to the maximum, adding members and contributing companies to their schemes.
“Other clients are rapidly establishing Ssas’s in anticipation of investment opportunities and sharp business growth in 2021 and beyond.”
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