Despite the impact of new working arrangements due to Coronavirus / COVID-19, we remain open and able to accept new SIPP applications and contributions to existing ones, until 5 pm on Friday 3rd April.
The following describes the arrangements and requirements, for anyone wishing to make contributions to new or existing plans.
NEW SIPPs
Applications and product information can be found on our website. As a reminder, we can accept scanned copies of completed signed applications by email to [email protected].
Contributions should be paid electronically where possible. Note that each new Minerva SIPP and SIPP Lite plan will have its own unique Metro Bank account number which is allocated soon after receipt of the completed application forms. It may be preferable to make payments for new SIPPs by Faster Payments (you will need to check with your Bank whether your payment exceeds their limit), other types of bank transfer may be delayed.
Although we would not recommend making contributions by cheque, we will accept them at our Carlisle Office until 5 pm on Friday 3rd April 2020. To reduce the risk of infection, they must be posted through the letterbox with the accompanying paperwork or instructions.
EXISTING SIPPs
Existing SIPPs may receive contributions, which must be made to the individual Metro Bank account number. If you are unsure, you can find this using our online ‘SIPP View’ service (remembering to use Metro Bank sort code 23-05-80) or you can contact us for details.
Payment should NOT be made to Metro Bank group property accounts.
Note that we will also ask you to complete a ‘Supplementary Contributions’ form and to provide details of investment instructions relating to the contribution and any tax relief which we are to reclaim. These can be sent by email to [email protected]. If these forms cannot be signed, we will accept them unsigned provided you or your financial adviser confirm that you have read and agree the declarations on the Supplementary Contributions form; all telephone calls are recorded.
NEW SSAS
Due to the processes involved and delays with HMRC, it is not possible to start and complete the process of establishing a new SSAS before the end of the tax year. However, we can set up new SIPPs instead, which can be transferred to a SSAS later if appropriate.
EXISTING SSAS
Your scheme can accept contributions up until the end of the tax year using the trustee bank account details specific to your SSAS. You will also need to email [email protected] to confirm the amount of contributions, the members to which they relate and details of whether they are personal or employer contributions.
March 31st, 2020
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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