Hartley Pensions has bought the “untainted” assets of the Lifetime Sipp Company, which went into administration earlier this year.
An update published today on the website of Lifetime’s administrators Kingston Smith & Partners says Hartley Pensions has also agreed to administer the tainted Sipps held by Lifetime Sipp.
The administrator described tainted assets as those where the value of the underlying investment has been eroded.
The update adds Hartley Pensions will work with affected consumers and help them with the Financial Services Compensation Scheme claims process.
In 2015 wealth management and professional services firm Wilton Group acquired Hartley SAS and The Lifetime Sipp Company.
Joint administrator Ian Robert adds: “The sale to Hartley will ensure that consumers get safe and helpful ongoing management of their Sipp. Additionally, the transaction gives creditors the opportunity to recover compensation, where appropriate, through the FSCS in the most effective way possible.”
Joanne Rumley of law firm Foot Anstey advised on legal aspects of the insolvency.