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Changes to the HL SIPP

We’re making a change to the HL SIPP. If you have a SIPP with us, don’t worry - you don’t need to do anything. But if you’d like to know a bit more about the changes, we’ve set it out below.

What’s happening?

The HL SIPP has a Scheme Trustee and a Scheme Administrator, just like many other pensions. At the moment, Hargreaves Lansdown Asset Management Limited (HLAM) performs both of these roles.

On 1 May 2019, Hargreaves Lansdown Pensions Trustees Limited (HLPT) will become the Trustee. HLAM will still be the Scheme Administrator, responsible for the day-to-day running and management of your SIPP.

Why are you making this change?

Our clients’ SIPP investments are already held in trust, which means they are ring-fenced from the assets we hold for non-SIPP clients and from Hargreaves Lansdown’s own assets.

The change means SIPP assets will be more clearly separated from the assets we hold for non-SIPP clients. Other providers structure their SIPPs in the same way.

I’m a SIPP client. Will this change affect me?

No, this change won’t affect the way you use your SIPP on a day-to-day basis. You’ll be speaking with the same people and using the same website in the same way. There will be no additional charges and the performance of your investments will be unaffected. Plus, your assets will be just as safe.

Are my investments safe and secure?

Yes, you can continue to be confident that your cash and investments are safe with us. HL is a profitable, reputable and financially strong FTSE 100 business regulated by the FCA.

All client assets are legally separated from our own assets and we follow strict rules designed to protect the investments we hold for you.

HLPT, the new trustee, is a non-trading company whose sole purpose will be to hold the cash and assets in accordance with the HL SIPP Scheme Rules. HLPT will only act on the instructions of HLAM and HLAM will be fully responsible for HLPT’s actions.

Holding SIPP client assets in a trust means they are ring-fenced from both our ‘non SIPP’ client assets (e.g. assets held in ISAs and Fund & Share Accounts) and our own assets.

In the unlikely event HLAM experiences financial difficulties, our creditors will have no access to the assets in your SIPP. If HLAM ceases trading, you’ll be able to transfer your SIPP investments to another SIPP provider; the change we’re making also means this should happen more quickly.

HLAM is also part of the Financial Services Compensation Scheme. If you suffer a loss following the failure of HLAM you could be entitled to compensation of up to £50,000 under the scheme. This will rise to £85,000 in April 2019. The level of protection you could be entitled to under the Financial Services Compensation Scheme is not affected by this change.

If you’d like to know more about how your money and assets are protected at HL, you can find out here.

Any questions?

If you’d like to also read our updated terms and conditions, you can read them here.

Don’t worry, if you’re a SIPP client you don’t need to take any action. The change will happen on 1 May 2019 and will not have any impact on how you run your SIPP.

But if you have any questions about these changes, please call our pensions helpdesk on 0117 980 9926 and we’d be happy to help.