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Mattioli Woods agrees deal to administer troubled Stadia Sipps

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Mattioli Woods has agreed a deal to wind-up the Sipps operated by troubled pensions administrator Stadia Trustees.

The firm will pay £120,000 over a three-month period to become the default provider for Stadia scheme members.

Under the terms of the deal, any investor that does not provide a specific instruction within 30 days will be transferred to a new Mattioli Woods default arrangement. If an investor decides to choose another provider, Mattioli Woods will facilitate the transfer.

The costs and charges associated with the new default have not been disclosed.

There are nine Sipps with combined assets of around £100m affected by today’s announcement. They are:

  • Stadia Sipp
  • Noisnep Sipp
  • Essential Sipp
  • Essex Community Foundation Sipp
  • Hero Sipp
  • Investor Club Sipp
  • Ipswich Sipp
  • Liberator Sipp
  • Munro Sipp

Mattioli Woods chief executive Ian Mattioli says: “Our technical expertise and reputation in the Sipp market has driven this opportunity.  We look forward to working closely with members of the Stadia schemes to deliver bespoke personal service and specialist advice.”

Stadia Trustees was forced to cease accepting new business in 2013 following an intervention from the FCA.

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. Good luck to MW with that lot!

  2. Are you able/willing to elaborate on that comment please Gordon? [Genuine query!]

    Also, do we know why these SIPP schemes are deemed ‘troubled’? What was the basis for effectively closing them down? Was it a basis or a pretext (I have some recollection of Mr Hales viewing alternative investments favourably).

  3. From memory there was a fair bit of UCIS business. And we know how they usually end.

    Also didnt MW seek clarificarion from HMRC that they wouldnt be held liable for Administrator tax charges?

  4. Well, I knew there was something of a mix of investments, as it were, but am wondering whether there has been anything specific going through their schemes (and down the pan). I wasn’t aware of the HMRC point had been specifically raised – obviously it suggests there’s a bit more to some of the investments than just being unregulated if they even manage to breach the (relatively lax) HMRC requirements. Thank you.

  5. Whole load of crazy UCIS schemes- can I tempt you with farmland in Africa Sir? or maybe you’d prefer carbon trading credits?

  6. I yesterday contacted Mattioli Woods with regard to my previous disasterous SIPP investments with Stadia trustees. I did this as the Stadia trustees website is no longer there, they no longer answer the phone either. I am informed by Mattioli Woods that Stadia trustees are about to enter voluntary administration. Good riddence to BAD RUBBISH!!……

  7. Last week I recieved my long awaited deliberations from the Financial Ombudsmans service, this being for my SIPP investments via Stadia trustees into Storefirst Ltd. The FOS deliberations are 100% in my favour, Stadia trustees have been instructed to pay over £100,000 back to me, this to finally release me from this hellish investment. This company is nothing short of a disgrace, this could explain why my current SIPP provider, Mattioli Woods, inform me that Stadia trustees are about to default…….

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