SIPPs: Shock as SIPP provider goes into administration

Businessman Builds a TowerThousands of SIPP investors have today learned that their SIPP (Self-Invested Personal Pension) provider has gone into administration. A notice on the FCA (Financial Conduct Authority) website, posted yesterday, says: “Having reached an assessment that it was no longer solvent, EPML (European Pensions Management Ltd) made an application to the court to formally initiate insolvency proceedings.” Administrators According to the FCA website EPML, who offered a range of different SIPPs, has approximately 6,000 customers. According to their website EPML also offered ISAs (Individual Savings Accounts) and SSAS (Small Self-Administered Schemes). Joint ...

Pensions: 6 reasons why transferring your Final Salary pension is probably a mistake

6 reasons why transferring your Final Salary pension is probably a mistakeIf you are a member of a Final Salary pension scheme you have probably been the envy of your friends for the past few years. Whilst you have the knowledge that your pension is guaranteed, and will probably rise each year in line with inflation, they have had to put up with volatile stock markets and plummeting Annuity rates. But this year the tables have turned, ‘Pensions Freedom’ will give everyone greater access to their pension pot; except of course those ...

SIPPs: Is the door slowly closing on deposit accounts in SIPPs?

SIPPs: Is the door slowly closing on deposit accounts in SIPPs?It often takes time for the unintended consequences of new rules to be fully understood. This is certainly true of the latest Policy Statement from the Financial Conduct Authority entitled “A new capital framework for Self-Invested Personal Pension (SIPP) Operators”, also known as PS14/12 for short. If you work in the SIPP industry you will already be very familiar with this document. If you are a SIPP investor we’d happily place a bet that you probably haven’t heard of PS14/12, definitely not ...

SIPPs: Provider freezes SIPP fees for a year

SIPPs: Provider freezes SIPP fees for a yearAmid speculation that Self-Invested Personal Pension (SIPP) fees will have to rise following the Financial Conduct Authority’s (FCA) latest review of the industry, one provider has announced that their fees won’t change for the next 12 months. Xafinity has announced they will be freezing their SIPP fees on both their Full SIPP and SimplySIPP products until September 2015. SIPP fee rises Need advice ...