Following a thorough review of our SIPP banking arrangements, we will be establishing new bank accounts with Metro Bank plc (Metro) for new Minerva SIPP and SIPP Lite applications.
We selected Metro as they offer a number of features which will improve the efficiency of our banking administration which will lead to a better service for our customers. New plans will have an individual Metro account which can be used without the need to operate a separate clearing account alongside, payments in and out will therefore be quicker, with payments from the account being made by Faster Payments (up to £250,000). Also, the current interest rate offered by Metro to our SIPP members is very competitive at 0.40% (Annual Equivalent Rate).
We have updated our Minerva SIPP and SIPP Lite application on our website, please use the new version from today.
Our existing SIPP accounts will remain with Newcastle Building Society in the short term, however we will be moving those accounts to Metro as part of a migration exercise which we expect to start later this year and to be concluded in 2019.
July 2nd, 2018
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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