You can download the following document: SIPP Lite v Minerva SIPP – comparison
Also, here is a more general overview of our products, showing some important differences between them:
SIPP Lite | Minerva SIPP | InvestAcc SSAS | |
---|---|---|---|
Description | Very low cost SIPP with restrictions. Technically it is a category of membership of the Minerva SIPP. It is aimed at those with one investment ‘account’. | Low cost full SIPP. It allows multiple investment accounts, and investment in Commercial Property and Land, for individuals or groups. | Small Self Administered Scheme (SSAS) |
Available since | 2012 | 2003 | 1997 |
Target market | Anyone wanting self investment | Anyone wanting self investment and wider choice | Business owners or those already members of SSAS arrangements |
Regulated by | Financial Conduct Authority | Financial Conduct Authority | The Pensions Regulator |
Eligibility | Anyone (members under age 16 will require signature of parent or guardian) | Anyone (members under age 16 will require signature of parent or guardian) | Anyone over age 18. Additional requirement for an actively trading ‘Sponsoring Employer’ on the day of establishment. |
Maximum number of members | 1 | Unlimited. Discount on annual fees if jointly purchasing property depending on number of members: 10% (2-4 members) 25% (5-11 members) 50% (12+ members) | 11 (this is a statutory limit) |
Investments held at | Member level | Member level | Scheme level |
Transfers in / out | Yes – without charge. Can also be ‘upgraded’ to Minerva SIPP at any time (the annual fee will increase to that applicable to the Minerva SIPP from the next plan anniversary). | Yes – without charge. | Yes – charges may apply on transfer out / scheme wind up |
Default bank account | Metro Bank plc | Metro Bank plc | Metro Bank plc or Cater Allen Private Bank |
DFM | Yes – one only | Yes – multiple | Yes – multiple |
Investment platform | Yes – one only | Yes – multiple | Yes – multiple |
Collectives (OEICS, Unit Trusts) | Multiple – if held through a single platform | Yes – multiple | Yes – multiple |
Shares (quoted) | Multiple – if purchased and held via one single platform / stockbroker account | Yes – multiple | Yes – multiple |
Shares (unquoted) | No | No | Possible at our discretion. Note that a purchase will be agreed only where the member is unconnected to the company and the seller of the shares. Exception being a shareholding in the Sponsoring Employer which must be less than 5% of the net asset value of the SSAS. Depending on the assets owned by the company, investment in unquoted shares may result in unauthorised payment tax charges, under the taxable property rules. |
Gilts | Multiple – if purchased and held via one single platform / stockbroker account | Yes – multiple | Yes – multiple |
Structured products | Multiple – if held through a single platform | Yes – multiple | Yes – multiple |
Deposit accounts | One | Yes – unrestricted | Yes – unrestricted |
Loan to employer | No | No | Possible – up to 50% of net asset value of scheme – contact us for further details |
Commercial property or land purchase | No – unless ‘upgraded’ to full Minerva SIPP | Yes | Yes |
Investment pathways | No – requires a transfer to another pension scheme which offers Investment Pathways. | No – requires a transfer to another pension scheme which offers Investment Pathways. | Investment pathway regulations do not apply to SSAS schemes. |
Set up time | Usually within 24 hours | Usually within 24 hours | Approximately 4 to 8 weeks, depending on HMRC timescales. Note that HMRC reserves the right to delay or decline a decision on granting registered status. |
Note: This information is aimed at professional financial advisers only and should not be given to, or relied upon by, private investors. All information is based on our understanding of current law and HMRC practice, which is subject to change.
E. & O. E.