With the news that the trustee of a UK pension scheme invested 3% of its portfolio in Bitcoin (BTC) in late 2024, more British SSAS trustees are assessing whether digital assets deserve a place in their long-term investment strategy. Bitcoin continues to gain legitimacy among institutional investors and wealth managers as a decentralised asset with unique properties.

For SSAS pension schemes, this creates an opportunity to explore Bitcoin's role in a tax-efficient, diversified portfolio. Trustees now have access to an FCA-registered crypto platform, and institutional-grade custody options that were not widely available during previous market cycles.

This article explores what SSAS trustees should consider ahead of the halving, from regulatory requirements and investment structures to strategic timing and risk assessment.

The next Bitcoin halving is expected on March 26 2028, when the rate of new Bitcoin issuance will fall from 3.125 BTC to 1.5625 BTC coins per block. Halving events are hard-coded into Bitcoin’s protocol and take place roughly every four years to control supply.

For SSAS trustees, the halving matters for both timing and positioning. In previous cycles, halvings have been followed by increased investor interest and sharp price movements. While outcomes vary, these events often act as catalysts for reassessing exposure.

The halving also offers a practical window for reviewing investment strategy. Trustees who wish to explore Bitcoin as part of a long-term portfolio may view this as a defined point to evaluate risks, regulatory considerations, and potential upside.

SSAS pensions are permitted to hold cryptocurrency, provided the investment aligns with the scheme’s trust deed and HMRC guidelines. The asset must be held for the benefit of the pension, not the individual, and must meet the definition of an allowable investment under pension rules.

In the UK, crypto assets are not regulated financial instruments, but platforms facilitating trading must register with the Financial Conduct Authority for anti-money laundering oversight. SSAS trustees should only use FCA-registered providers and ensure that any crypto held by the scheme is secured with robust custody arrangements.

Trustees carry full legal responsibility for all investment decisions. This includes ensuring adherence with pension law and demonstrating that appropriate due diligence was carried out. Using qualified advisers and working with institutional-grade platforms can help meet these requirements and support a defensible approach to crypto exposure within a SSAS pension.

More SSAS trustees are now evaluating cryptocurrency as part of a diversified investment approach. Bitcoin, in particular, is gaining credibility as a long-term asset, supported by growing institutional adoption and its fixed supply model. However, crypto markets remain volatile, and regulation is still developing.

As a trustee, you should assess whether a limited exposure to Bitcoin aligns with your scheme’s objectives and risk tolerance. In terms of income generation or regulatory clarity, Bitcoin is not comparable to equities, gilts, or commercial property.

You should be documenting the rationale for any crypto investment, limit exposure to a clearly defined percentage, and understand how custody and liquidity are handled. Bitcoin may offer diversification benefits, but it should be treated as a high-risk asset within a broader portfolio.

With the next halving less than three years away, some trustees see this intervening period as an appropriate time to re-examine the case for Bitcoin. Any decision should be grounded in robust due diligence and aligned with long-term goals.

SSAS pension schemes can now access Bitcoin in a number of ways, provided the structure meets HMRC and trustee requirements. These options range from direct ownership via regulated crypto platforms to more traditional financial instruments like exchange-traded notes.

The most common route is through an FCA-registered crypto platform that offers institutional custody. These providers typically support SSAS accounts and offer features such as cold storage, reporting, and audit-ready transaction records.

Another option is purchasing Bitcoin exchange-traded notes (ETNs). These are listed on recognised stock exchanges and allow you to gain price exposure without handling the asset directly. ETNs may appeal to you if you’re looking for a familiar investment format with clearer regulatory treatment.

Each approach involves different risks and responsibilities. Custody, counterparty exposure, and costs should all be assessed carefully. As a trustee, you must ensure the chosen method aligns with your scheme rules and is supported by proper documentation and due diligence.

For SSAS trustees, investing in Bitcoin requires a long-term mindset. Bitcoin is not a short-term trading instrument for pension schemes. It is a scarce digital asset with a fixed supply and a growing reputation as a hedge against inflation and currency debasement.

Its performance has been volatile in the short term but more stable over multi-year periods. Historically, Bitcoin’s strongest gains have followed halving events, which reduce the rate of new supply. While past performance does not guarantee future results, the long-term trend remains a key factor in trustee decisions.

Any allocation should be proportionate, documented, and reviewed as part of the scheme’s broader investment strategy. Security, custody, and regulatory standards must also be addressed through trusted providers.

With the 2028 halving approaching, investing in Bitcoin could provide you with exposure to a maturing asset class for your SSAS pension that is increasingly seen as part of institutional portfolios.

With the next Bitcoin halving approaching, forward-looking SSAS trustees are reviewing whether digital assets deserve a defined role within their scheme. They’re not reacting to short-term headlines, but carefully assessing how Bitcoin might support long-term diversification and capital preservation.

This includes revisiting investment policies, consulting qualified advisers, and exploring FCA-registered platforms that meet pension regulatory standards. For many, the goal is not to chase returns, but to understand whether limited exposure to a maturing asset class aligns with the scheme’s risk framework.

Trustees who prepare in advance are better positioned to act with confidence. By completing due diligence before market sentiment shifts, they can make informed decisions and demonstrate clear investment governance in an evolving environment.

coinpass works with UK-based SSAS trustees and advisers to support UK access to digital assets. Through our FCA-registered platform and institutional-grade custody, we help SSAS trustees invest in Bitcoin with clarity, security, and control.

If you’re reviewing your investment strategy ahead of the 2028 halving or considering a long-term position in digital assets, your award-winning coinpass team is here to assist you.

Speak to your team at coinpass to learn how SSAS trustees can incorporate Bitcoin into a future-ready portfolio.

Book a call with coinpass today.