Welcome to Morgan Lloyd

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 Ltd 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 select in your SIPP are up to you and your chosen level of investment risk; it is our job to ensure you, or your financial adviser can always manage your SIPP and find all 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, 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, where applicable, your adviser - keeping you informed throughout.

A: Absolutely not. From the date you are informed that your SIPP is ready to move you 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, your SIPP will transfer to Morgan Lloyd. However, you are of course able to transfer away from us at any point.

A: During the transition period we will write to you regularly, sometimes on paper and sometimes by email. Email, as you know, isn’t classed as secure so there are some things we’ll need to set down on hard copy. You’ll also have a dedicated phone number you can call.

On an ongoing basis we pride ourselves on being good at communication with clients. In addition to normal channels, we will set you up with access to MyViewpoint, our online portal which gives you access to reconciled daily valuations, important documents and more. You can even use the portal to add investments, bank accounts, mortgages, and other credit arrangements to give yourself a holistic view of your financial position.

A: The first ‘S’ in ‘SIPP’ is the clue here – it is your philosophy that matters, not ours. Within certain boundaries – such as not allowing unregulated investments – we are here to facilitate your investment journey, not dictate to you what it should be. Of course, if you are working with a Financial Adviser, then you should be liaising with that firm to ensure that your financial plans are suitable and on track to meet your objectives.

If you do not already have a financial adviser, we are part of a Group which includes a financial planning and investment management business; if you would like to take advantage of this you need only ask! But we won’t force it on you and nor will we expect you to use us for anything more than pension administration. Finally, we (Morgan Lloyd) very much value our relationships with third party financial advisers we ensure that these relationships are nurtured and honoured.

A: When you are contacted about your specific SIPP transfer options, your 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 you pay 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.

A: We have various SIPP products which progressively allow for greater and greater freedom of investment, up to and including a limited range of non-standard assets (though not UCIS investments). Each has a different cost, meaning you only pay for flexibility you use.

If you have a financial adviser, then they will be very much focussed on ensuring that the SIPP product is suitable and meets your objectives.

Beyond that, we can offer financial advice and planning, an investment platform through which you can hold mutual funds and certain other assets, discretionary investment management and more. If you don’t have access to an adviser already and would like to work with one, it’s as simple as letting us know and we’ll be happy to discuss what else we can do for you. This is one of the key benefits of being part of the Clifton Asset Management Group.

You can find information on financial topics including pensions at Moneyhelper.

A: As the Nominated Operator for the Hartley Pension schemes, we are currently only considering the transfer out of Self-Invested Personal Pensions (SIPP). Any queries regarding SSAS schemes need to be dealt with by Hartley Pensions.

A: Whilst your adviser may be in touch with you, we would recommend that you contact your adviser at your earliest convenience to discuss your options.