The deadline for applications for Individual Protection 14 is fast approaching, it is now just over a month away (5th April 2017).
By way of background, when the Lifetime Allowance was introduced in April 2006, it was originally £1.5M and increased in stages to a peak in 2011/12 of £1.8M, since then successive Budgets have cut the Lifetime Allowance to £1.5M (from 6.4.2012) to £1.25M (from 6.4. 2014) and most recently to £1M (from 6.4.2016). When the April 2014 reduction happened, there were two mechanisms through when the higher Lifetime Allowance could be protected, Fixed Protection 2014 and Individual Protection 14.
Whilst the deadline for applications for Fixed Protection 2014 has now passed, there is still a small window of time to apply for Individual Protection 14 (IP14), which closes on 5th April 2017.
To be eligible for Individual Protection 14, you must not have Primary Protection, and the total value of your pension savings on 6th April 2014 must have exceeded £1.25M on that day. Individual Protection 14 allows the value of pension savings to be protected from reductions in the Lifetime Allowance, the amount protected would be the value of the pension benefits that day (so long as they were more than £1.25M), subject to an overall maximum of £1.5M. Having Individual Protection 2014 does not prevent future contributions and benefit accrual.
Details of how the protection works and how to apply can be found here: https://www.gov.uk/guidance/pension-schemes-protect-your-lifetime-allowance#individual-protection-2014
Note that we do not provide advice on protection, you should speak to your financial adviser if you wish to claim this form of protection.
March 6th, 2017
The Minerva SIPP can invest in a wider range of assets including commercial property and land, on an individual or group basis. Any combination of permitted investments may be made within a Minerva SIPP including deposit accounts, DFM, open market platform/wrap accounts, stockbroker accounts and trustee investment plans, all held together within the same SIPP.
SIPP Lite is a lower cost option, for those that do not require multiple investment accounts, or access to commercial property and land at outset. SIPP Lite members are restricted to a maximum of one investment account, to run alongside the default SIPP bank account. This investment account could be another bank account or ONE of the following: stockbroker account, DFM, open market platform/wrap account or a trustee investment plan. For individuals that require additional investments at a later date, including commercial property and land, they can upgrade their SIPP Lite plan to a Minerva SIPP.
A Small Self-Administered Scheme (SSAS) is a type of UK registered pension scheme. Each SSAS is governed by its own trust deed and rules and is a separate legal entity to the sponsoring employer. The sponsoring employer establishes the SSAS and invites members to join. Any individual employed by the sponsoring employer (or a participating employer) may join the scheme and all members are appointed as trustees alongside the professional trustee. SSAS trustees have a very wide range of investment options, including the ability to make secured loans to the sponsoring employer of up to 50% of the net asset value of the scheme, subject to certain conditions.
We have been operating in these markets for over 20 years. The SSAS business was formed in 1997, and in 2003 we launched our flagship product, the Minerva SIPP. The range is completed by SIPP Lite, which has been available since July 2012.
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