We have completed changes to our designated banking arrangements for Minerva SIPP and SIPP Lite customers.
This page covers the main changes and some of the more common questions. We will add further questions to this page in due course.
Metro Bank plc (Metro) has over 1 million UK customers, it is fully regulated, listed on the London Stock Exchange, has won a number of awards for its accounts and service, and is broadly seen as one of the leading “challenger banks” for the UK.
Metro Bank has extensive experience of the specialist requirements of SIPPs and SSASs supported by advanced operating systems specifically aligned to running pension bank accounts.
We are appointing Metro Bank plc as designated bankers for our Minerva SIPP scheme, which includes 'SIPP Lite' members.
The change does not affect 'Flexi SIPP' scheme members.
We have migrated all existing Minerva SIPP members (including 'SIPP Lite') to Metro. The process started at the end of September 2018, all remaining accounts were transferred in phases up until early December 2018.
All existing customers have been sent a letter to let them know about this change.
The move allows us to provide a more efficient service as each member's SIPP will have an individual account capable of receiving and making payments, without having to rely on a separate clearing account.
Payments out of the account will be made by Faster Payments (up to £250,000).
The current interest rate received by our SIPP customers compares favourably to the market at 0.55% per year (Annual Equivalent Rate).
Metro are a progressive and modern bank with systems designed to work with SIPP and SSAS firms like ours.
We must have a designated Bank Account in order to operate your SIPP. InvestAcc chooses the designated bank and reviews this from time to time.
Although funds and payments must go via this account, there is no minimum balance which must be retained in this account.
We are opening specially designated SIPP bank accounts with Metro on your behalf, there is no need for you to complete any paperwork for Metro Bank.
If you wish to have alternative accounts with Metro (e.g. Fixed Term Deposits) then you will need to speak with your financial adviser in the first instance and to arrange with them to complete any paperwork that may be required. Note that InvestAcc Pension Administration Limited does not provide advice of any kind.
Customers and advisers will be able to see balance and transactions via our SIPP Online service.
We hope to be able to add a 'live view' facility directly with Metro in the future.
The current interest rate received by Minerva SIPP and SIPP Lite members is 2.00% per year (Annual Equivalent Rate) which compares favourably to those available in the market.
We will update any changes to the interest rate via our website: www.investaccpensions.co.uk
SIPP deposits with Metro Bank plc are covered up to £85,000.
If you already hold eligible deposits with Metro Bank plc in your SIPP then it is the total value of those Metro deposits which is covered, up to £85,000 in total.
If you have any questions about this then please contact us on 01228 538 988.
Yes.
You (and your employer, if applicable) should use the new account details for contributions to your plan from now on.
Where applicable, we will be contacting tenants to let them know about the change before the end of January 2019, to ensure the correct details and referencing is used. Please do NOT make any changes yourself.
Note that customers with grouped property ownership may be provided with a separate grouped property account.
If your SIPP has a mortgage to which the lender has attached a rent collection account, there will be no changes to the rental payment arrangements.