Offshore self-invested personal pensions provider Brooklands Pensions has entered into administration and accepted a buyout deal from Heritage Pensions.
According to a note to clients from the new administrator Duff and Phelps, with effect from 25 July, Heritage Pensions Limited was appointed as the new operator of the Brooklands Sipp.
In October last year, Brooklands Pensions closed its Sipp to new members and opened a new Sipp, under its IVCM rebrand.
The new Sipp opened as a joint venture with Heritage Pensions.
IVCM Heritage Trustees Limited been appointed as the new trustee of the Brooklands Sipp.
Both of these appointments are in place of Brooklands Trustees Limited.
In a note to those using Brooklands Sipp, Paul Evans, group chief executive officer at IVCM said the transaction had received formal UK approval from the Financial Conduct Authority.
The note read: “IVCM and its companies around the world will continue to be the international operating brand and with this transaction, IVCM will be able to provide greater focus and resources to accelerate the development of the international proposition and support through our technical expertise and product offering.
“IVCM continues to provide administration services to the Sipp and remains the main point of contact for advisers and clients.
“With this transaction, there will be little impact to you or your pension as the main terms and conditions and fees for your Sipp will not be changing.
“Furthermore, both companies are as focused as ever on delivering great service to our customers and this means we can continue to deliver an ever better service as well as new products and additional benefits by way of support and technology improvements. As we do this we will communicate any important changes well in advance.”
Robert Lewis, director at Flintshire-based Heritage Financial Solutions said: “Smaller Sipp providers seem to have charges that can’t be justified, and with pension charges getting more and more competitive I can’t see how smaller providers can make it work without the volume larger providers have.”
ruth.gillbe@ft.com
