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.