Hartley Pensions Limited - Case Update

The Joint Administrators of Hartley Pensions have provided an update to clients as to the expected timing of any transfer to an alternate operator.

We last wrote about this matter in June, after Joint Administrators Peter Kubik and Brian Johnson of UHY Hacker Young advised clients that they had proposed four different cost models to calculate exit and administration charges, each resulting in a different cost being charged to SIPP clients.

The Joint Administrators have now provided an update as to the anticipated timing of their court application, which will seek confirmation that they have the ability to impose the exit and administration charge, as well as the anticipating timing of any transfer out.

The Joint Administrators advised that they recently held a meeting with the informal committee formed to assist the Joint Administrators in considering the charges. The cost model has yet to be finalised.

In the meantime, the Joint Administrators are continuing to work on progressing the court application and are proposing to issue the application in October 2023, with the result that it will likely be heard in November 2023.

Given the proposed timing of the application, the Joint Administrators anticipate that the transfer out process will commence from December 2023 onwards. They are currently in communication with a number of operators to gather interest in who is willing to on-board some or all of the SIPP book. The Joint Administrators have warned that it may take over a year from this point to effect all transfers.

The Joint Administrators have been assisted by DWF Law. Their latest update can be found HERE.