Latest News
from InvestAcc

We will let you know the latest news from InvestAcc and any other news that we feel maybe of use.

We are pleased to announce that we have today exchanged contracts on new office premises at Wainwrights Court, Port Road, Carlisle. The building is currently being completed by national developers Gladman and we anticipate taking delivery early 2010. We have been in our existing Carlisle offices since 2002 but due to rapid growth over the past couple of years we have outgrown the space available to us, these new spacious modern offices will allow for future expansion and provide much needed car parking for clients and staff

InvestAcc have provided a new away strip to the senior team of Carlisle City F.C, an FA Community standard club. Carlisle City are one of the largest amateur clubs in Cumbria running 2 senior teams, 10 boys teams and 4 girls teams providing the opportunity for boys and girl to progress from junior football to senior level. InvestAcc have a long association with the club and have previousily provided sponsorship to junior teams. The senior side play in the Northern Alliance league and we wish them well for the season, their progress may be followed on our links page

19/11/2007 - Government Plans to Abolish Contracting Out

Provisions contained in Finance Act 2007 are the first step to the Government abolishing the option of Contracting Out of the State 2nd Pension in the form of Protected Rights benefits. These provisions will primarily affect Contracting Out via an appropriate Personal Pension Scheme and Contracted Out Money Purchase (COMP) Schemes with the likely effective date of 2012. Existing Protected rights funds may remain and more importantly, the proposals remove many of the restrictions imposed on Protected Rights, in particular, investment of funds and it is likely that Protected Rights benefits will shortly be capable of use within Self Invested Personal Pensions without any investment restrictions. It would appear that the only requirements to be imposed upon Protected Rights benefits being the provision of survivor benefits, SIPP administrators will therefore need to ensure that their systems are capable of identifying and tracking such benefits. InvestAcc fully intend to allow Protected Rights transfers into Minerva SIPP as soon as the legislation permits, which could be as early as 2009.

06/04/2007 - BEWARE THE PENSION INPUT PERIOD TRAP

There has been a great deal of confusion caused over the issue of members changing individual pension input periods and the impact this has on the annual allowance and tax relief. Changing the pension input period itself does potentially allow higher levels of pension contributions without affecting the annual allowance tax charge, however, great care has to be taken with regard to tax relief, members should bear in mind that tax relief on contributions paid and the annual allowance are two separate issues, for example, if the pension input period is altered for the tax year 2007/08, in theory this could allow a member to contribute a total of £460,000, being the annul allowance for £2007/08 (£225,000) and 2008/09 (£235,000). However, to qualify for tax relief on such a contribution, taxable earnings of £460,000 would be required in the tax year 2007/08.

28/03/2007 - SIPP online goes live

With effect from 6th April 2007, clients and their advisers will be able to access details of their SIPP via the internet. Details that may be viewed will include contribution history, bank transactions and valuation of scheme assets. The information is securely held and password protected, login details may be obtained by contacting InvestAcc.

13/03/2007 - Minerva gains FSA authorisation

InvestAcc have successfully obtained FSA approval as a regulated SIPP provider with effect from 6th April 2007.

27/01/2007 - Coming soon Minerva SIPP online

Client's and their advisers will soon be able to view scheme specific details for individual SIPP accounts online, it is anticipated that the facility will be available by the end of March 2007. Password protected, clients will be able to view all account transactions and check investment values and bank balances.

Access will be via a new dedicated website www.minervasipp.co.uk

Staff and Guests at the recent Insurance Institute annual Dinner

In a recent survey conducted by Professional adviser magazine InvestAcc were confirmed within the top 100 IFA groups in the UK. This follows year on year growth exceeding 30% for each of the past three years coinciding with the firms relocation to the Castle Street, Carlisle offices.

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