The administrators of Hartley Pensions have said they are in negotiations for a sale of the firm’s self-administered pensions scheme client book but they warned this was unlikely to happen until the end of 2023.
In an update published yesterday (August 21), administrators UHY Hacker Young said they had been having ongoing discussions with a “preferred operator” of the Ssas book.
They had received an offer but were continuing discussions with alternative operators to ensure the book is transferred "in the most efficient and cost effective manner".
Due to this, it is likely the sale and transfer of the Ssas book will be completed around late 2023 to ensure it is transferred efficiently.
UHY Hacker Young stated: “Please note, all Ssas clients will be offered the opportunity to opt out of a transfer to our chosen operator, but this may incur additional charges.
“For all Ssas clients who consent to transfer to the chosen operator, no charge will be administered to their assets for doing so.”
The administrators said they would update clients once an agreement has been reached with one of the operators.
In March, the FCA told Hartley it could no longer accept new clients and a restriction was placed on new business. In August, the FCA confirmed Hartley had entered administration.
amy.austin@ft.com
