We are changing our main banking partner for SIPP customer funds from Metro Bank to Lloyds Bank.
The changes will be introduced in phases; new SIPP customers will receive a Lloyds bank account and existing SIPP customers will migrate from their current Metro account(s) to a new Lloyds one. This will take place on the following dates:
There is nothing you or your client need to do now, and the day-to-day running of our SIPPs will continue as normal.
This change is being made as part of our ongoing approach to maintaining strong and resilient banking arrangements for our customers.
Lloyds Bank will provide greater financial strength and security for our customer’s cash deposits, while also supporting the next stage of our service improvements.
For existing SIPP customers: when the new Lloyds Bank account is ready, we will send communication from [email protected] to confirm new account details.
If customers make ad-hoc or regular contributions via standing order into their SIPP, they will need to use their new Lloyds Bank account details for future payments from the date listed above.
We will arrange for any existing balance to be transferred to the customer’s new Lloyds Bank account, and we will transfer any outbound Direct Debit and Standing Order payments. Please note that outbound refers to any payments going from the SIPP bank account to an external provider.
We will work to make the change as smooth as possible. You may occasionally need to take action to ensure your account information stays up to date – please refer to our full FAQs for further guidance.
We will also notify relevant third parties of your new account details, such as tenants, employers and investment managers.
Once balances and payment instructions have been transferred, the Metro Bank account will be closed, however, payments will be automatically forwarded for a grace period of 3 months should payments continue to be sent to the Metro Bank account.
If you have any questions, please contact 01228 538 988.
May 6th, 2026
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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