Why would I use a SIPP Lite plan?
Our SIPP product range features a full Minerva SIPP with the widest investment choice, including commercial property, and our single investment SIPP Lite.
Competitive fees
SIPP Lite fees are very competitive with a £95 +VAT set up fee and annual £195 +VAT. The standard annual benefit payment fee is £100 +VAT.* As these fees are not percentage based, they can be extremely good value for larger funds.
Typical use – platform or discretionary investment manager
SIPP Lite can invest in a single investment account, which is typically a platform account (e.g. a share dealing account) or a portfolio provided by a Discretionary Fund Manager (DFM), also known as a Discretionary Investment Manager.
Many DFMs do not have their own SIPP, which means you need to select one which is able to accept that investment manager. Those DFMs with a SIPP are often provided by non-specialists and may have only basic functionality and options.
Other features
Other than providing the pension wrapper, SIPP Lite plans also have a number of features:
– Availability of all pension freedom options, for retirement and death benefits.
– A facility to take up to 3 pots of £10,000 under the small pension lump sum rules.
– The ability to borrow for any purpose, such as to increase liquidity, maximise the amount invested, or to pay benefits.
– SIPP Lite plans can be upgraded to a Minerva SIPP in the future when additional investment options are required. An upgrade is not classed as a switch or transfer, and so does not create any ‘out of market’ timing risk.
– Service is provided by our award winning team, having won Best Pension Service at the ILP Moneyfacts Awards for the last 2 years and 5 stars at the Financial Adviser Service Awards for the last 5 years.
Change the investments, not the SIPP
Often SIPP Lite is chosen to separate the SIPP provider from the investment, so that the investments can change without the need to move the SIPP. Only an adviser can determine whether our products are suitable for their clients. Note that InvestAcc does not provide advice.
*additional fees for paying regular uncrystallised funds pension lump sums more frequently than yearly, or for small pots payments.
April 22nd, 2022
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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