SIPP customers who have previously used the share dealing services of Interactive Investor will have received a notification from Interactive Investor that they are closing their Pension Trading Account (PTA) and that customers should make alternative arrangements.
If customers wish to the retain any investments currently held in their Interactive Investor PTA, they will need to find an alternative dealing account provider willing to accept a re-registration of the investments.
Alternatively, you could decide to sell the investments if you no longer wish to hold a dealing account within your SIPP. You could then choose any investments from our Permitted Investments.
We have been notified that Interactive Investor has set a timetable as follows:
| Date | Event |
| 30 June 2023 | This is the final date on which Interactive Investor will accept cash payments into your PTA from your InvestAcc pension (The ability to withdraw cash back to your InvestAcc pension will be unaffected) |
| August 2023 | In addition to your existing monthly Service Plan fee, Interactive Investor will begin to charge an additional Administration fee of £30 per month. |
| 31 October 2023 | The PTA product will close and all online access to your PTA will be removed. |
After 31 October 2023, the only type of transaction which will be available via Interactive Investor will be to sell investments, although this will no longer be possible online.
We would encourage you to take action early, as in some cases the time taken to find a new dealing account provider and to move the assets can be lengthy.
Customers will need to perform their own research or seek Independent Financial Advice, in choosing an alternative to Interactive Investor. We cannot recommend any particular dealing account provider, but are aware that AJ Bell, Jarvis and Stocktrade all seem to be opening new third party dealing accounts. Other firms may also be offering these services.
To close or transfer a Pension Trading Account, Interactive Investor will require the following form to be completed, in addition to any other paperwork required to establish the new account:
If you have any questions, then please contact your financial adviser or Interactive Investor.
March 20th, 2023
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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