Advisory group Taylor Patterson has launched a new range of lower cost SSAS products in response to the "rising costs and onerous administration requirements" of winding up SSAS pensions.

The Preston-based firm said fees associated with managing a SSAS often encourage companies or individuals to transfer their assets to a SIPP.
It said although this is usually cheaper to manage this change can incur significant costs.
{desktop}{/desktop}{mobile}{/mobile}
Kerry Houghton, business development manager at Taylor Patterson, said it also creates "an onerous admin burden" because the SSAS has to be wound up with HMRC and a new scheme will need to be set up.
She said: "Moreover, the SIPP created to replace a SSAS may not give the same level of flexibility, limiting the contributors' options for releasing funds both before and after they reach retirement age.
"At Taylor Patterson we are constantly looking at the needs of our clients and exploring new ways to address them.
"To this end we reviewed our existing SSAS charging structure, finding opportunities to reduce fees and make them cost competitive with our SIPP charges."
The new SSAS products from Taylor Patterson include a One Member SSAS, and an Investment Only SSAS.
The One Member SSAS has been devised in recognition that a one-person scheme carries a reduced administrative burden as compared to a multi-member scheme, enabling a reduction in fees.
The scheme retains the flexibility for conversion to a full SSAS if additional members wish to join at a later date.
The Investment Only SSAS, recognises the reduction in resource requirements when a scheme involves straightforward investments only, rather than a combination of investments, property and loan backs.
With both schemes, the costs are reduced but the client can retain the option of converting to a full SSAS pension at a later date at no initial cost.