News
26 January 2010
Freedom SIPP - Formal Notification of wind up of Scheme
Scheme members will have hopefully received correspondence from PricewaterhouseCoopers (PwC) advising that we have been appointed as agent to the Freedom SIPP. We have been working very closely with PwC to develop a solution to give much needed stability and security to the scheme's members, by providing robust ongoing administration and information.
Next step
It is now the intention for the Freedom SIPP to be formally wound up in line with the rules contained within the scheme documentation. The wind up of the scheme allows for the orderly transfer of members of the Freedom SIPP to an alternative registered pension scheme arrangement.
The trust deed requires members to either select a new provider for their pension arrangements or, if no election is made, for the scheme administrator to arrange for the member to be transferred to a default scheme nominated by the scheme administrator. The default scheme nominated in this case is the Mattioli Woods SIPP for which Mattioli Woods act as Scheme Administrator. Members have until the 28 April 2010 to confirm their choice of alternative registered pension scheme otherwise the transfer to the default scheme will commence.
Once all of the members have transferred from the Freedom SIPP, the scheme will be formally wound up.
Our involvement
Our function is fundamentally to assist PwC in the wind-up of the Freedom SIPP, which in simple terms means we are here to assist the scheme members in either transferring to an alternative provider or offering long-term continuity within Mattioli Woods' own SIPP operation. The ultimate and overall aim is to ensure the pension affairs of the scheme members are back on track as soon as possible.
We have a very robust infrastructure around our business that can offer continuity and security, which at its core aims to build long-term client relationships. Therefore, we are confident that we will be able to assist scheme members in managing their needs in a proactive manner. In this regard we have created a dedicated team to assist members of the Freedom SIPP.
We urge scheme members to seek independent financial and/or legal advice so that the consequences of the Scheme being wound up and the options can be explained. Scheme members are invited to call Mark Smith or Clive Burrows to open an initial discussion on 0116 240 8700 or by using the contact form below.