TWO pension schemes are being wound up by a Yorkshire wealth management company and the individual plans sold to another provider.
Pearson Jones, which has offices in Leeds, York and Sheffield, is winding up its Self Invest Personal Pension Schemes (SIPPS), while the administration of more than 280 SIPPS in two schemes, The SKPJ SIPP and The NET SIPP, is being sold to Suffolk Life, Ipswich, part of the Legal & General Group, for an undisclosed sum.
Pearson Jones will maintain its role as financial adviser to all of the schemes and it said all its staff involved in their administration are being deployed elsewhere in the business. This follows recent UK regulatory changes which have increased the cost of administering pensions schemes.
Pearson Jones deputy MD, Peter Heckingbottom, said: “SIPP administration is a specialist ancillary function and, as a small administration operator, the new regulatory burden would mean that we would need to charge clients far more than the market rate if we were to continue and so we have decided to exit.”