Due to the current instability in the banking system the Minerva SIPP has sought from the Newcastle Building Society their present position, which is detailed in the following statement:
The lending and funding position of the Newcastle is markedly different to that of banks. As a building society, the majority of our funding (in our case in excess of 70%) comes from our customers and we are, therefore, much less reliant on the wholesale funding markets. Our members should not be concerned about the safety of their investments with Newcastle. Our current funding position is a strong one. Our annual results for last year were strong and we have recently reported a strong half year performance for the period Jan-Jun 2008. Full details of our recent results can be found at: www.newcastle.co.uk/finance
Newcastle has no exposure to the sub-prime and self-cert sectors, very low exposure to buy to let, and a cautious approach to commercial lending. We have only one very small acquired mortgage book. We operate with high levels of retail funding and benefit from a diversified income base through our subsidiary, Strategic Solutions.
October 13th, 2008
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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