Like so many other SIPP providers, Lifetime SIPP Company Ltd (Lifetime) went into liquidation in April 2019 having entered into administration just over a year earlier in March 2018. The Financial Services Compensation Scheme (FSCS) are now accepting claims against the firm.
A report from the Lifetime’s administrators shows it had 2,018 tainted or illiquid SIPPs which could lead to claims in excess of £50 million. If you transferred your pension to a Lifetime SIPP, it’s possible you might be eligible to claim for compensation too.
A familiar story
Sadly, it’s an all too familiar story – pension holders were targeted by independent financial advisers (IFAs) and convinced to transfer their existing pension into a Self-Invested Personal Pension (SIPP) with Lifetime. Often they were persuaded to do so by false claims that their current pension was not performing satisfactorily and that they would be better off with a SIPP.
After the pension had been transferred to Lifetime’s SIPP, the money was then placed in high risk, non-standard investments. In the case of Lifetime, these included Harlequin, Ethical Forestry, InvestUS and The Resort Group.
Have you got a viable claim?
The FSCS has stated that for a claim against Lifetime to be successful, they require proof the firm failed in its due diligence. This means they did not carry out the checks into non-standards investments that they were obliged to, including assessing whether the investment schemes they accepted were suitable for SIPPs and informing their customers of any potential issues.
If you were a customer of Lifetime, the team at Beat the Banks can establish if you have a viable claim for compensation. Our claims experts are experienced at dealing with all sorts of compensation cases and are ready to help you. Call us on 0800 193 1234 for a free, no-obligation discussion about your situation.