Small self-administered schemes business enjoys 'a renaissance'

It said its SSAS business had revived in particular due to changes that allowed complex assets to pass directly family members tax-free after the owner's death.

This was in line, it said, with its earlier survey in which 78% of financial advisers concerned with retirement planning had predicted that the death benefit changes would increase the use of SSAS.

Xafinity's director of self-invested pensions Andy Bowsher said: "We have seen a significant increase in SSAS business. 

"Over recent years the growing popularity of the self-invested personal pension has drawn attention from SSAS but, more recently, and as a direct result of the surge in interest in pensions following the reforms, SSAS appears to be undergoing a renaissance.