Self invested Personal Pensions (SIPP)

We recognise that SIPP operators face a number of different and competing requirements that range from the 'one-off' large technical and complex projects that arise from operating in a highly regulated sector compared to the volume and 'simpler' business as usual ("BAU") tasks that arises from administering SIPPs. For that reason, we have designed and built our practice to manage all types of tasks and projects so that we genuinely provide a one-stop shop:

Structuring, Strategy and Complex Projects: Our multi-disciplinary team of pension, regulatory and other subject matter expert lawyers and consultants advise SIPP operators, SIPP trustees and other entities providing services for those entities on all aspects of personal pension law and regulation as well as in distressed scenarios. This includes helping firms structure their business to comply with FCA and wider legal requirements, dealing with regulatory challenge and scrutiny, material project change processes and a whole host of other unique and complex projects.
The BAU: We have created a team of legal and consulting experts that provide dedicated BAU support (UK wide) which offers assistance and advice regarding the treatment of scheme assets, handling property disputes, tax matters, direct employer relationships, debt collection and asset recovery, corporate support and everything in-between.

We pride ourselves on becoming an integral part of our clients' teams, fostering strong working relationships, and effectively handling all matters that arise as part of our clients' businesses. Our expertise ensures that we can help you navigate the complexities and realities of administering and running your SIPP business.

Pension Assets and Platforms
Regulatory Engagement, Intervention and Investigations
Ongoing Regulatory and Pension Support
Proposition Advice, Design and Support
Civil and Criminal Disputes, Complaints and Litigation
M&A, Consolidation, Distressed Acquisitions and Restructuring Advice

Pension Assets and Platforms

Platform agreements and third-party agreements including advisers and DFMs
Dealing with distressed / toxic assets (see also Engagement with HMRC)
Structuring ownership of real property
Management, maintenance and insurance of real property
Legal considerations around valuation of assets
Loans and mortgages
Forfeiture
FSCS assignments and related issues
Property disputes
Rent reviews
Repossession

Regulatory Engagement, Intervention and Investigations

FCA or HMRC investigation and/or supervisory action and intervention.
FCA authorisation, approvals, registration including business plans and application documents
Advice on remediation and change projects
Day to day engagement with FCA and FSCS
Engagement with HMRC including in respect of:
- registration and deregistration
- unauthorised payment
- toxic assets
- scheme sanction charges
- surcharges
Engagement with HMLR over scheme property issues including engaging its Active Management Service

Ongoing Regulatory and Pension Support

Legal, regulatory and business structuring advice
Advice on standard and non-standard assets
Ongoing corporate governance advice
Monitoring and compliance policies
Systemic loss advice
Pensions tax
Regulatory capital requirements
Client facing policies including support with vulnerable clients and orphan clients
Regulatory reporting requirements
Transactions and unauthorised payments
Data protection (establishing policies, ongoing advice and emergency “cyber breach” support)
Ongoing employment law support

Proposition Advice, Design and Support

Drafting and amending scheme governing documents and policies
Accumulation and decumulation products and solutions
Terms of business and other client facing documents
Advising on advisor and other provider agreements and terms of business
Member communications, support in providing required information at key milestones (approach to retirement, transfers etc)
Transfers out and carrying out appropriate diligence
Transfers-in
Auto-enrolment and direct payment relationships
Advice on structuring safeguarding and custody arrangements including bare trustee arrangements

Civil and Criminal Disputes, Complaints and Litigation

Member complaints
Financial Ombudsman Service and Pensions Ombudsman complaints
Litigation, complaints and claims including in relation to property, provider contracts and wider commercial disputes
Criminal investigations and defence
Engagement with the Serious Fraud Office, National Crime Agency and other police agencies
Supporting on issues relating to financial crime and sanctions including fraud, money laundering and bribery
Debt recovery assistance (both volume and complex)
Pensions aspects of wider disputes including in relation to employment, discrimination, divorce and damages claims
Court applications for directions

M&A, Consolidation, Distressed Acquisitions and Restructuring Advice

Legal and regulatory due diligence
Acquisition of SIPP Books
Acquiring ownership of a SIPP provider and trustees
Distressed acquisition advice (buy and sell side)
Transfer of scheme assets and associated member and third party comms
Transfer of staff
Support on legal issues arising out of reconciling historic systems and legacy matters
Harmonising governing documents and systems and procedures post transactions.
Insolvency and Restructuring Advice:
- Directors' duties
- Entering administration
- Wind down planning
Advising throughout an insolvency process

More specific examples of our experience can be found here:

Assisting with a FCA application and business plan for a large custodian (but new SIPP entrant) and the associated trust rules and documents;
Drafting, advising on and helping implement a firm’s transfer out policy in line with pension and FCA regulatory requirements;
Advising on, defending and dealing with systemic SIPP complaints relating to investment DD;
Advising on the transfer of assets and liabilities from a corporate and pension perspective, diligence and harmonisation requirements;
Working with regulators and our client to devise an approach to toxic/illiquid assets and a valuation policy;
Advising on issues arising out of holding real property in a portfolio, including in respect of co-ownership, leases, liabilities and unauthorised payments;
The regulatory intervention, Administration and sale of Greyfriars and its SIPP business;
The Administration of GPC and others;
Intervening on behalf of AMPS in Berkeley Burke at the Court of Appeal;
Successfully defending a large execution-only investment platform against a FOS complaint seeking to extend Berkeley Burke principles to AIM-listed stocks;
Advising a SIPP operator on systemic liability and FOS defences for circa 30 related complaints arising from historic execution only business;
Advising on the launch of a SIPP, including client terms and trust deeds and detailed advice on the due diligence requirements and processes for non-standard assets (NSAs);
Representing senior individuals at major SIPP providers on SMCR issues and a Director of MPAS in defence of an FCA Enforcement investigation;
Advising large SIPP operators on in specie transfers;
Regulatory Consulting review of a large SIPP operator's entire SIPP business; and
Acting for the firm and Joint Administrators of Hartley Pensions in relation to the regulatory intervention, Administration and transfer of on the its SIPP and SSAS businesses.