Financial Advisers - Welcome to Morgan Lloyd
A specialist SIPP and SSAS provider for more than 20 years
Morgan Lloyd - SIPP and SSAS Provider
Morgan Lloyd has recently been appointed as the Nominated Operator to receive SIPP transfers from Hartley Pensions. We understand that you and your clients have had a poor experience over the last couple of years. We’d like to change that.
Our team consists of highly skilled professionals with a deep understanding of all aspects of pensions.
We work with advisers and their clients throughout the UK.
More than 6,000 SIPP and SSAS Clients
£1 Billion Under Management
Specialist SIPP and SSAS Teams
Established 20 Years
Interview with Anthony Carty, Director, Clifton Group and John Dowding, Head of Technical, Morgan Lloyd
We're committed to using our expertise and technology to enable you to help your clients achieve their retirement goals.
Effective communication is key to successful pension management. We understand that the circumstances are difficult, but we will prioritise keeping you informed.
IMPORTANT NOTE: It is likely that resolving the many issues around these schemes will take a substantial amount of time and effort.
Our approach involves working with you to understand your requirements and providing regular updates when available.
We recognise that pensions are a critical component of your client’s financial future, and we take our responsibility as pension providers seriously. Our goal is to collaborate with you so that you can make appropriate recommendations and enable your clients to make informed decisions that promote the growth and security of their pensions, setting them up for the retirement they envision.
Interview with Anthony Carty, Director, Clifton Group and John Dowding, Head of Technical, Morgan Lloyd
FAQs
A: Morgan Lloyd is a Self-Invested Personal Pension (SIPP) and Small Self-Administered Scheme (SSAS) provider based near Bristol. We’ve been established for over 20 years and currently administer 5,751 schemes with 6,170 members (29th May 2024). We’re a part of the Clifton Asset Management Group which also includes a financial planning business and an asset management business.
A: It all shakes out to the same thing, but Morgan Lloyd SIPP Services Ltd (MLSS) is the company entity appointed as the nominated operator who Hartley Pensions will be transferred to, following a 45 day opt-out period. Clifton Asset Management Plc is the owner of Morgan Lloyd.
A: We can’t comment on what you’ve experienced in the past. But we can tell you that Morgan Lloyd is known for good administration and for modern technology which helps us do the job. Oftentimes SIPP companies run on older systems which can cause issues; we invest continually in technology which not only improves administration but also communication with you.
A: As a group of regulated businesses, we are required to hold sufficient capital reserves - this is known as ‘Capital Adequacy’. Morgan Lloyd SIPP Services meets these requirements and holds this as cash. Additionally, Clifton Asset Management has a group capital adequacy requirement which it easily meets.
A: The investments you and your client select for their SIPP are up to you based on your client’s chosen level of investment risk; it is our job to ensure you both have, the information you need to do so effectively.
However, it’s worth highlighting that Morgan Lloyd is part of a larger, very financially strong group in Clifton Asset Management. Because of this, and the fact our fees aren’t usually related to the value of your pension (we charge flat fees each year), we are confident that we’ll be here to provide great service irrespective of investment conditions elsewhere.
You also need to know that Morgan Lloyd does not permit Unregulated Collective Investment Schemes (UCIS) inside SIPPs; this helps enormously in reducing risk.
A: While we have been appointed as the Nominated Operator, we don’t see many similarities between ourselves and Hartley Pensions. Clients are being given the option to transfer to Morgan Lloyd if they wish. Morgan Lloyd, as the nominated operator, is not buying the business, and this further differentiates the present situation from what has happened to clients previously. There has already been significant work done on the pensions involved and a good proportion of the most problematic SIPPs have been dealt with. Our focus isn’t to find ailing companies and taking over their business; it’s to continue delivering exceptional service to the clients we have and, where applicable, their advisers.
A: While all SIPPs will have the option to move to Morgan Lloyd, none of the assets with significant issues that impact scheme viability or which have faced sanction from HMRC will be moving to Morgan Lloyd.
You can find information on financial topics including pensions at Moneyhelper.
A: No.
A: That will depend on how many members choose to transition to Morgan Lloyd. Our ongoing fees are the same as for clients who have come to us in a more traditional manner and are, we think, market competitive.
It’s worth stating that the costs of transferring out of Hartley Pensions are being met by the Financial Services Compensation Scheme and not members directly. Members will only pay the Morgan Lloyd SIPP establishment fee and annual charge.
A: Clifton Asset Management currently employs around 100 people. We have already identified teams within Morgan Lloyd who will work on the transition and ensured their existing work is taken care of by further augmenting the teams. The migration will take place in tranches which will remove the risk of a large amount of work all turning up at the same time. At the end of the transfer out process, some Hartley staff may be offered the opportunity to transfer to Morgan Lloyd.
A: As an overall project, we think it will take approximately 8 months to complete. For each client and their adviser, we intend the process to be as quick and painless as possible. However, we do expect there to be SIPPs with incomplete data or other issues (including allowing for transfers from third party product providers to complete) and we’ll take care of those on a case-by-case basis, working closely with you and keeping you and your client informed throughout.
A: Absolutely not. From the date you and/or your client are informed that their SIPP is ready to move you, and they, have 45 days to find a new provider. If you haven’t informed Hartley that you wish to move somewhere else by the end of that 45-day period, their SIPP will transfer to Morgan Lloyd. However, they are of course able to transfer away from us at any point.
A: When your client is contacted about their specific SIPP transfer options, their Morgan Lloyd fees will be clearly outlined. We don’t list fees here because Hartley’s SIPP members hold assets of varying complexity, and this will determine the appropriate Morgan Lloyd SIPP product.
The product fee your client pays is clearly labelled (for example commercial property fees are separate to annual administration fees).
In terms of how we compare, we are not the cheapest in the market (and certainly far from the most expensive) but we do believe that the standard of our administration and communication more than justifies the cost.
For more information you can find the most recent Consumer Duty statement from Morgan Lloyd here.
MyViewpoint
Over the last 10 years we have invested in technology to ensure our products and services meet the needs of clients and financial advisers.
Clients are given online access to MyViewpoint providing a daily reconciled valuation of their SSAS or SIPP. The client also has the ability to add their investments, bank accounts and credit cards held with other providers to provide a complete view of their finances, in one place.
