SIPP administrators

Tuesday, Jun 12 2018 by

Following on the collapse of EPML in November 2016, my SIPP account has been transferred to Suffolk Life as they acquired EPML.
Suffolk Life wrote to all of its customers, who would be affected by the change in Sipp provider. It explained that there was an option to transfer to another Sipp provider without incurring a charge. However, this could only be done with an investor’s transfer instruction.
I have instructed Suffolk Life to transfer the fund in my SIPP account to HL because of the high annual charge incurred even my pension fund is of small value.
They said there is an asset held in Afren plc which has been delisted from the stock market couldn’t be disinvested or transferred to HL. Has anyone experienced this problem in transferring fund between SIPP administrators? Anyone could shed some light on this?

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2 Posts on this Thread show/hide all

slopsjon 12th Jun '18 1 of 2

Afren PLC went into administration in 2015, so is there anything left of value in that investment. AlixPartners handled the administration. I have been involved in a company delisting and I was sent a share certificate as my shares were originally in a nomaniee account.

It would also seem that the diectors of Afren were subject to an SFO investigation.

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cig 12th Jun '18 2 of 2

I had a similar problem with a bankrupt phantom holding preventing the orderly closure of an ISA. A form letter from the liquidator (that I think I found online) declaring there was no recovery prospects for equity holders ultimately satisfied the broker (after getting past the „computer says no“ routine).

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