Hartley Pensions Limited - Case Update

Peter Kubik and Brian Johnson of UHY Hacker Young, the Joint Administrators of Hartley Pensions, have provided updates to clients on the cost model to be used in calculating exit and administration charges, as well as their progress in pursuing potential claims against various members of the Wilton Group.

The Joint Administrators have advised that they have appointed six respondents (out of the many who responded to their request) to represent SIPP clients. The respondents represent a wide variety of the SIPP schemes, asset holdings and value of assets held.

A meeting between the Joint Administrators and the client representatives is scheduled to take place today, where it is anticipated that a final cost model will be agreed.

The Joint Administrators expect to issue the court application to ratify the proposed exit and administration charge in November, following which the representatives can be formally appointed by the court.

As to the potential claims against various members of the Wilton Group, the Joint Administrators have advised that one of the entities has itself entered administration and it is unlikely that there will be any return in this respect.

The Joint Administrators have been assisted by DWF Law. Their most recent update to SIPP clients can be found HERE, and their latest progress report can be found HERE. FS Legal Solicitors are assisting the client representatives.