In 2018 we switched our core banking arrangements for Minerva SIPP and SIPP Lite members to Metro Bank plc (Metro).
Metro has established itself as a forward-thinking modern bank, with excellent systems and a reputation for innovation and customer service. They have a very high customer satisfaction rating, winning many awards. In recent years, Metro has dominated the provision of deposit accounts for SIPP trustees.
Moving to Metro allowed us to establish an individual bank account for each SIPP which provides a better interest rate, Faster Payments up to £250,000 and offers full FSCS protection of up to £85,000 for individual members.
Although we use Metro for day to day banking transactions, we do not insist on a minimum balance which needs to be maintained and Minerva SIPP members can ask us to open any number of additional accounts, including Fixed Term Deposits with other banks, all we need is a completed application and an instruction to transfer funds.
SIPP Lite members are eligible for one additional investment in addition to the Metro Bank account. We are announcing today an improvement in our SIPP Lite terms allowing members to hold a Metro Bank account PLUS another account in addition to a single investment, with no increase in charges. We will review this position on an on-going basis and will publish any change to this on our website www.investaccpensions.co.uk.
September 30th, 2019
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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