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Aegon says “handful” of Sipp customers may be affected by GuestInvest administration

Aegon says that a small number of clients that invested in GuestInvest hotel rooms through its Sipp could be affected by the company filing for administration.

The insurer says it is too early to say how customers that opted for this niche investment via a self-invested personal pension will be affected by the firm’s descent into administration, as it will need to determine the next steps by speaking to administrators Deloitte.

A spokesman for Aegon says: “It’s still too early to say how the news of GuestInvest filing for administration will affect any Aegon Sipp customers.

“We will need to speak to the administrators – Deloitte – to find out the next steps. This was always a niche market and we can confirm that only a handful of Aegon Sipp customers are affected.”

Axa also offered this type of investment via its Sipp, however a spokeswoman for the insurer says no customers will be affected as nobody has actually taken up this type of investment.

The insurers say the products are not likely to be covered by the Financial Services Compensation Scheme.

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