Hartley Pensions - Case Update

The process of transferring out client SIPPs has proved to be less orderly than initially hoped for Peter Kubik and Brian Johnson of UHY Hacker Young, the joint administrators of SIPP provider Hartley Pensions, due to issues with locating and contacting clients.

We last wrote about this matter in April 2024, when the joint administrators notified Hartley clients that the Financial Services Compensation Scheme had provided funds to cover the costs associated with an orderly transfer out of their SIPPs, allowing the company to administer the transfer out process without the need to charge clients an exit and administration charge. The joint administrators also advised that they proposed to complete the transfer out process in tranches, with the final tranche hoped to be completed in June.

Now, the administrators have provided an update on the transfer out process, revealing various issues encountered in contacting clients. To date, of the 4,539 clients that have been contacted, only 1,286 SIPPs have been transferred. A further 1,454 have not responded due to issues with the company’s records, which were not accurate. This has significantly delayed the transfer out process, and it appears the FCA confirmed is helping to share information to help speed up the transfer process.

Read the administrators’ latest update HERE.