It has been several years since our fees were increased, despite the costs of running our business rising each year. We have also been upgrading our systems, introducing new technology and processes, with improvements to our security protocols and governance structure, all of which come with additional expenditure.
We have always prioritised the provision of a high-quality service which represents value for money for our customers. These changes will allow us to continue to do this, as despite the increases we have ensured that our products are still extremely competitively priced.
We will be writing to customers to provide 30 days’ notice of the changes in accordance with our Terms and Conditions, letting them know that the changes will apply from the first plan anniversary which falls on or after 1st June 2025.
There are no other changes to our fees, other than those detailed below.
SIPP Lite Changes
Reduction in Set Up Fee
This will reduce from £95 +VAT to £49 +VAT for all SIPP Lite plans which commence between 1st June 2025 and 30th November 2025 (inclusive).
Annual Member Fee
This will increase from £195 +VAT to £250 +VAT. This is the first time this fee has been increased since SIPP Lite was introduced in 2012.
Minerva SIPP Changes
Annual Member Fee
This will increase from £400 +VAT to £500 +VAT. This is the first time this fee has been increased since the Minerva SIPP was introduced in 2003.
Group Discount (only applicable for jointly held investments in commercial property)
We are withdrawing the discount on Annual Member Fees, reflecting the additional work and resource which goes into the administration of SIPPs with jointly held property investments.
For individuals who are about to set up a new SIPP Lite or Minerva SIPP plan, we will honour pipeline applications on our current terms up until 30th June 2025, provided an illustration has been produced before 1st June 2025. We will need you to send a note of the unique illustration reference number with the application. Fees for pipeline customers will be at the current rate for the first year and then will change to the new rate from year two onwards.
April 22nd, 2025
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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