The Lifetime SIPP has now entered into administration, which means the company is no-longer taking on new business.
If you were persuaded to invest your pension through a Lifetime SIPP, you may have been mis-sold.
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The Lifetime SIPP Company went into Administration in April 2018 – a type of insolvency proceeding where qualified representatives take over administration of the business, generally to try to either save the company, pay off creditors or move the company forward into a liquidation.
In the case of the Lifetime SIPP company, a voluntary liquidator was appointed just over a year later in May 2019.
Documented in the firm’s official records on Companies House, the administrator was focusing on 2000 ‘tainted’ SIPPs (those filled with high-risk, non-standard and generally illiquid assets such as overseas investments).
If you had a SIPP with The Lifetime SIPP company, then it may have been mis-sold. Find out if you can make a claim on a No Win – No Fee* basis with Spencer Churchill Claims Advice.
When a firm enters into administration or liquidation, the practitioners generally state the background to the problems.
In the June 2018 Administrator’s Proposal it says “[…] a number of SIPP consumers brought claims against the Company in connection with the SIPPs. A proportion of these claims were uninsured and thus became a Company liability”.
Lifetime SIPP had taken on board high-risk investments that had turned out not to be suitable for many of their clients.
Although this was often the fault of a negligent financial adviser outside of the company itself, they still had exposure to these claims.
With more SIPPs filled with bad investments for which no claims had been made yet, but were likely coming, the firm went into administration.Speak with an expert
The Lifetime SIPP Company Ltd starts out life as Searchlong Limited, and was called Hartley SAS Ltd until 2007. 1989 was the same year that SIPP pensions were introduced.
Lifetime SIPP Company goes into administration, along with the news that it was facing 40+ claims via the Ombudsman, and still had around 4000 clients (half of which we now know may have been in ‘tainted sipps’.
It took just over a year after the administration to bring the liquidators in, and Lifetime SIPP was pretty much over.
But not for many of it’s clients, many of whom continue to make claims.