InvestAcc Pension Administration

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Product range overview

Our Product Range – Overview for Financial Advisers

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 allow multiple investment accounts, and investment in Commercial Property and Land, for individuals or groups. Small Self Administered Scheme (SSAS)

Available since

02.07.2012 01.10.2003 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 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

Set up time

Usually within 24 hours Usually within 24 hours Approximately 4 to 6 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.