Last month we published an article on Transitional Tax-Free Amount Certificates (TTFAC). You can read that article here:
https://www.investaccpensions.co.uk/transitional-tax-free-amount-certificates/
We now have an application form, for customers who wish to apply for a TTFAC.
SIPP customers should send an email to [email protected] with ‘TTFAC Application Request’ in the title, as well as the full name and member number.
SSAS customers should send an email to [email protected] with ‘TTFAC Application Request’ in the title, as well as the full name of the SSAS scheme and member.
Note that as some elements of the legislation and regulations is yet to be finalised, there may be a delay in producing the certificate. For affected individuals, HMRC has said that they do not expect pension scheme administrators to be issuing these yet, as the rules say we have up to three months to provide them. This could be problematic as a TTFAC cannot be applied for after the customer has had their first Relevant Benefit Crystallisation Event. In some cases, where regulations are not yet available, we may need to seek guidance from HMRC in cases of genuine financial hardship.
You may find it useful to read the following information provided by HMRC:
Pensions schemes newsletter 159 — April 2024 25 April 2024
Pensions schemes newsletter 158 — April 2024 4 April 2024
April 30th, 2024
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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