We are making some small changes to our SSAS Terms and Conditions which will apply from 1st September 2024.
Changes include an improvement to the way we disclose the share of interest we receive from our bankers, making it clear what a customer needs to do if they wish to open an additional bank account.
We have also updated our range of SSAS permitted investments, have introduced a new SSAS investment application form and highlight the requirement for professional advice to be obtained on investments and diversification.
In line with changes to our SIPP Terms and Conditions earlier this year, we now charge 1% per month interest on fees which are paid late.
Finally, we have updated the taxation section, following removal of the Lifetime Allowance and Lifetime Allowance Tax Charge.
A copy of the new SSAS Terms and Conditions can be downloaded here. We have also updated our SSAS Key Features which can be found here.
Customers and advisers will receive their copy shortly.
July 23rd, 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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