Hartley Pensions - Case Update

Peter Kubik and Brian Johnson of UHY Hacker Young, the joint administrators of SIPP provider Hartley Pensions, have delivered the good news to clients that the Financial Services Compensation Scheme (''FSCS'') has provided funds to cover the costs associated with an orderly transfer out of their SIPPs. This means that the company will be able to administer the transfer out process without the need to charge clients an exit and administration charge.

The joint administrators have also described the proposed transfer out process, explaining that, given the company’s substantial client base, they have grouped categories of clients into tranches to streamline the transfer out process. White label SIPP clients and small pot clients with less than £10,000 in cash and/or asset value in their SIPP are scheduled to be transferred out first sometime this month, followed by deceased SIPP clients and clients to be transferred by way of a bulk transfer (who will be transferred out in May), and clients who are being transferred out individually or clients with impaired assets (who are being transferred out in June). Those timelines are subject to change.

The administrators’ update can be accessed HERE.