Worried about Guardian/Hartley Commercial Property SIPP? Is it safe?

Pennywise · 11 December 2023 at 7:29PM

I've got a commercial property SIPP (small office) that was originally with Guardian which was then taken over by Hartley. Hartley are now in administration and the administrators are racking up huge fees. No other firm appears to want to take over the SIPPS. The deeds of the property are still in the Guardian pension trustees Ltd ownership and that company is basically dormant but behind with statutory filings and there have been striking off applications made but suspended. Anyone know what happens if the Pension Trustee company gets struck off and whether the administrators of Hartley can come after my SIPP pension scheme property or bank account? Getting very worried about it now. Surely the cash in the trustee bank account and the property itself are safe?

QrizB · 11 December 2023 at 10:35PM

I don't know the set-up of your SIPP but, at least in principle, "Guardian Pension Trustees Ltd" should be a separate business to either Guardian or Hartley.

There shouldn't be any way for Hartley's administrators to have a claim on the assets of the trust company.

If the trust company is delinquent with its filings, that's a separate matter.

Does one of the charges on the company's assets relate to your property?

Pennywise · 14 December 2023 at 8:28PM

QrizB said:

I don't know the set-up of your SIPP but, at least in principle, "Guardian Pension Trustees Ltd" should be a separate business to either Guardian or Hartley.
There shouldn't be any way for Hartley's administrators to have a claim on the assets of the trust company.
If the trust company is delinquent with its filings, that's a separate matter.
Does one of the charges on the company's assets relate to your property?

Thanks for that. No, none of the charges relate to my property as a loan wasn't needed to buy the property, it was bought outright with pension funds. Yes, GPT Ltd is a separate company, but shown on Co House as dormant, and has several striking off applications instigated and then withdrawn, presumably for non/late filing, but they always get withdrawn, presumably by charge holders objecting to the striking off application. Interesting thought as to what happens to the property if GPT does get struck off - I'd hope the property wouldn't end up bona vacantia to the Crown!