£130m SIPPs firm slumps into administration

SIPPs firm GPC SIPP Ltd has gone into administration. Yesterday Adam Stephens and Henry Shinners of Smith & Williamson LLP were appointed as joint administrators of the firm, which administers around 3,200 SIPPs and approximately 50 SSASs, with a total investment value of “c£130 million”.The Blackburn-based company specialises in the provision of technical and administration services to Guardian Pension Trustees Limited which acts as the corporate trustee of SIPPs and SSASs.In a statement today lead joint administrator, Adam Stephens, said: “Our objectives as administrator are rescuing the company as a going concern; or achieving a better result for the company’s creditors as a whole than would be likely if the Company were wound up (without first being in administration); or realising property in order to make a distribution to one or more secured or preferential creditors.”He added: “In line with these objectives, the joint administrators are continuing to trade the business whilst in ongoing discussions with a number of interested parties as part of our work to try to sell the company’s business as a going concern.“Any interested parties should contact the company immediately. All existing employees have been retained as part of this process”.The joint administrators say clients should “continue to contact their current relationship manager at the company in relation to any SIPP or SSAS queries”.The firm is currently displaying a message on its website which reveals its status as being in administration and added: “The affairs, business and property of the company are being managed by the administrators who act as agents of the company and without personal liability. “Adam Stephens and Henry Shinners are licensed as insolvency practitioners in the UK by the Institute of Chartered Accountants in England and Wales.”The FCA also released a statement on the plight of the company.It read: “If you are a client of GPC SIPP Limited (GPC), the joint administrators will contact you shortly to explain what this means for you and what action you should take. “The administrators are continuing to accept contributions into the SIPPs (self-invested personal pension) and SSASs (small self-administered schemes) operated by GPC. “For more information contact your usual relationship manager at the company first as they are best placed to deal with all questions about your SIPP and SSAS.”

£130m SIPPs firm slumps into administration

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