Embattled GPC SIPP sold to Hartley Pensions

Hannah Godfrey reports...

Embattled self-invested personal pension (SIPP) provider GPC SIPP has been sold to Hartley Pensions, the firm’s administrator Smith & Williamson has confirmed.

The deal, which was completed on 12 August, included the effective transfer of GPC SIPPs and small self-administered schemes (SSASs) held via the trustee company, Guardian Pension Trustees.

GPC SIPP entered insolvency in June after fighting a raft of claims and complaints made against it in relation to investments in the Harlequin property scheme. Smith & Williamson (S&W) was appointed as administrator.

The firm administered around 3,200 SIPPs and some 50 SSASs, holding more than 8,000 property assets and comprising a total investment value of £130m.

‘Unsettling to clients’

All GPC staff will transfer across to Hartley. Smith & Williamson said it did not anticipate there would be any interruption to the services previously provided by GPC.

Smith & Williamson lead administrator Adam Stephens, who has been dealing with GPC SIPP, said: “We are pleased to confirm the sale of the business to Hartley, which will provide continuity of service to GPC’s clients. We recognise the insolvency of GPC may have been unsettling to clients.”