Originally incorporated in 1989, The Lifetime SIPP Company was to become yet another SIPP provider bedazzled by rapid profit growth, as opposed to applying a stroke of due diligence on introducers and adequately monitoring the dangerous growth within its funds under the investment of unregulated collective investment schemes (UCIS).
In April 2018, despite having just sold 40% of its SIPPs to Hartley Pensions, The Lifetime SIPP Company entered administration via Kingston Smith and Partners who immediately began reporting on the debacle. The talk was of “tainted” assets where their underlying investment value had been eroded and of existing claims in the pipeline of £56 million, with more expected to follow. The number of SIPPs on their books numbered close to 5000, with the “tainted” tranche numbering an incredible 2018 – 42.5% of the total number held. Harlequin Hotels and Resorts an asset now valued at zero by the Financial Services Compensation Scheme (FSCS) featured heavily along with the likes of The Resort Group as well as farmland and forestry schemes too. With this as a backdrop, it’s little wonder the clock is ticking away on The Lifetime Sipp Company joining the number of Sipp providers already having been declared as being on default by the FSCS.
If you’ve been recommended by your financial adviser, irrespective of if they were properly authorised to give pension transfer advice or not, to transfer your pension into a Lifetime SIPP and you have lost money, Beat the Banks are here to help. To find out more, simply complete our enquiry form or call our expert team on 01382 200474.