There has been a great deal of confusion caused over the issue of members changing individual pension input periods and the impact this has on the annual allowance and tax relief. Changing the pension input period itself does potentially allow higher levels of pension contributions without affecting the annual allowance tax charge, however, great care has to be taken with regard to tax relief, members should bear in mind that tax relief on contributions paid and the annual allowance are two separate issues, for example, if the pension input period is altered for the tax year 2007/08, in theory this could allow a member to contribute a total of £460,000, being the annul allowance for £2007/08 (£225,000) and 2008/09 (£235,000). However, to qualify for tax relief on such a contribution, taxable earnings of £460,000 would be required in the tax year 2007/08.
April 10th, 2007
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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