On 21st October 2013, HMRC issued a newsletter outlining a new process for registering new pension schemes. http://www.hmrc.gov.uk/news/pensionliberation.htm

Due to a large increase in demand for our SIPP products in recent months, we’re extending the highly successful SIPP Lite special offer until the end of the year. The special offer period was due to end today, but will now run until 31st December. During the special offer period we’re reducing the set up fee to only £95+VAT (normally £195+VAT) for new customers. The annual fee remains £195+VAT. SIPP Lite allows one investment account (in addition to the default SIPP deposit account). This could be a fund platform, wrap account, stockbroker account, DFM, structured product, bank account, or insurance company policy etc. chosen from the open market. If wider investment flexibility is required in future, then an upgrade to the full Minerva SIPP is possible at any time. Normally we don’t charge an upgrade fee, although any SIPP Lite plans that receive the special offer terms would incur a £100+VAT upgrade fee for the first 12 months only. For cases where we have produced an illustration on the offer terms, we will honour applications on these terms up until 31st January 2014, helping advisers conclude pipeline cases. The SIPP Lite Schedule of Fees has been updated to reflect the extended special offer terms: https://www.investaccpensions.co.uk/literature-and-forms/sipp-lite-literature/

In the March 2013 Budget, the Chancellor confirmed an earlier statement that the government was considering allowing some unused commercial properties on Britain’s High Streets to be converted into residential properties, whilst owned by Self Invested Pensions (SIPP and SSAS). Normally these properties would fall foul of the “taxable property rules”, with certain exemptions, and therefore would be outwith the normal investment for such pension schemes.Today, 24th September 2013, we have learned that HMRC have written to our representative body to confirm that they will not be taking forward these proposals, and as a result there will be no relaxation in the rules that relate to residential property held by Self Invested Pensions. Whilst this may be disappointing to many, it is not a surprising outcome and it gives clarity to potential investors. In recent months we have seen a significant increase in UK based Commercial Property and Land being bought through our pension products, which we believe is a result of changing sentiment to the sector and a reflection of our position as specialists in this market. We remain willing and able to handle increased enquiries, whilst some of our competitors are distracted by takeover activity.

We are delighted to announce that we have been advised today that we’re finalists in two categories:Best SSAS Provider (this is our third consecutive year of being finalists in this category)Best SIPP Provider (our first year in this category and we’re extremely pleased to have made it)Finalists are chosen based on adviser votes, and we thank all who voted for us this year. We are excited and looking forward to the announcement of the winners, which will be on 17th October 2013 in London.

To celebrate the 1 year anniversary of our innovative SIPP Lite option, we’re excited to announce a special offer which will last from 1st July to 30th September. During this period, any new SIPP Lite plans will benefit from a reduced set up fee of £95 +VAT (normally £195+VAT).Provided an illustration has been done by us before 30th September, we will honour these terms for applications received up until 31st October, giving advisers a 1 month period to complete any pipeline cases.

Our Carlisle and Darlington offices will be open at the following times at the end of the current tax year: Friday 5th April – 8.30 am to 5.00 pm. For any last minute pensions, payment must be received by us before 5 pm tomorrow, along with all completed paperwork. Payments can be accepted directly into our bank account – please contact us for details.

Yesterday’s Budget covered a number of areas that affect pensions. Please click to read full article.

HMRC have today issued draft legislation that will allow a higher level of income withdrawal from pension funds via “Capped Drawdown”. The effect would be a 20% increase when compared to the current maximum income, as the basis amount moves from 100% to 120%, all other things being equal.

The Financial Services Authority (FSA) has introduced new rules today that affect the distribution of retail financial products; how financial advice is paid for; and sets tougher standards for those authorised to give financial advice.

The Chancellor of the Exchequer, George Osborne, today delivered his Autumn Statement, which included some changes that affect pension rules. Please read the full news article for details.

The FSA issued Consultation Paper 12/33 (CP12/33) on 22nd November 2012, setting out proposals for a new capital adequacy standard for SIPP Operators. This document has been expected for some time. We’re making some changes to the investments that we accept into our SIPP products as a result – please read the full article for details.

Today, 2nd July 2012, sees the launch of our new SIPP Lite product. SIPP Lite is an extremely competitive plan, for individuals that want to invest in any ONE of the following: – Discretionary Fund Manager (DFM) Account – Stockbroker Account – Fund Platform (for managing collectives e.g. OEIC, Unit Trusts) – Insurance Company Trustee Investment Plan (TIP) – Structured Product (or a Structured Product platform) – One single bank deposit account (the designated SIPP bank account does not count towards this) Clients with SIPP Lite can upgrade at any time to the full Minerva SIPP free of charge. Following an upgrade, the plan will continue with the full Minerva SIPP fees for the rest of its life (see Minerva SIPP literature section for further details). Literature for SIPP Lite, as well as illustrations, are available now.