SIPP holders with Hartley Pensions face soaring exit costs

These costs will significantly reduce the value of SIPP members holdings, according to a letter sent to a financial adviser seen by Investment International.

This latest development comes as  IFGL (RL360 and Ardan) have sought the Courts permission to force UHY to facilitate the transfer out of RL360 and Ardan SIPP members  (to IFGL Pensions) without the deduction of the proposed charges.

The letter said; "We are pleased to confirm that our efforts have recently achieved a significant win, in that whilst UHY has now applied to Court for permission to apply their proposed exit and administration charge, they have excluded RL360 and Ardan members from the scope of their application and thus the scope of the exit and administration charge.

"Whilst we are pleased to have achieved this outcome, we have not yet managed to negotiate a satisfactory timetable or exit plan for the transfer of the RL360 and Ardan SIPP members away from Hartley.

"Consequently, and in order to try to minimise further delay, we have now sought the court's  permission to seek an order that would force UHY to facilitate the transfer out of the RL360 and Ardan SIPP members to IFGL Pensions as soon as practicable (and of course without the deduction of their proposed charges)."

The letter further said :"Whilst the situation continues to be very fluid, we understand that should matters progress to court, that the initial hearing will be in February 2024.

"We believe that we have a contractual right to transfer RL360 and Ardan SIPP members to an alternative scheme of our choice. Together with our legal advisers we are still working very hard to try and achieve this, albeit that it may unfortunately now have to be a decision for the courts."

On 29 July 2022 the directors of Hartley Pensions placed it into administration at the request of the FCA, and appointed Peter Kubik and Brian Johnson of UHY Hacker Young LLP as joint administrators.