The Chancellor, George Osborne, today delivered the first Budget Speech of the new Parliament, which was also the first Conservative Budget since 1996. He spoke for more than an hour, delivering what he called a Budget for working people.
Three main aspects appear to impact pensions:
– From April 2016, there will be a tapering of the Annual Allowance for those with adjusted net income (including personal and employer contributions) of £150,000 or more. In these cases, the normal annual allowance will be reduced by £1 for each £2 of income above £150,000 subject to a minimum annual allowance of £10,000 for those earning £210,000 or more.
– As a consequence of the above, Pension Input Periods are to be aligned to tax years with legislation to be effective today, 8th July 2015
– The Government has published a Green Paper today, inviting feedback on potential “further radical reforms” such as pensions being treated more like ISAs (with no tax relief, but a possible contribution from the Government)
As more information becomes available we may publish further news items on our website.
July 8th, 2015
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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