Anyone who has a SIPP or QROPS with Brooklands Trustees Limited will have received emails in the last few days which may have caused concern as it suggested that the company had gone into administration but I want to reassure everyone that there is no cause for concern.
All pensions funds are ring-fenced and protected by HMRC rules. There is no risk to anyone’s pension and this affects the management company of the pension scheme but NOT the underlying investment funds which are with another company.
The role of a Pensioneer Trustee and Pensions Administrator is highly regulated and under UK law, under which Brooklands operates, all interested parties must be notified of any changes to the company structure. They are regulated by the Financial Conduct Authority (FCA) which has to approve any changes.
It has now been announced that Heritage Pensions Ltd are purchasing Brooklands Trustees Ltd and so it will be “business as usual” and the transfer of administrators has been approved by the FCA.
I would reiterate that there is no cause for concern, no risk to anyone’s pension and I have every confidence that all we will see is a new name on some paperwork. Such things happen but all the safeguards are in place to ensure that no client of investor loses out. I have a SIPP with Brooklands myself and have zero concerns.
I am currently on vacation, with limited internet access, but will be in touch with clients shortly after my return.
For specific queries please email me at email@example.com but please bear in mind that I am unable to answer immediately at the moment.