HERITAGE PENSIONS LTD
Heritage Pensions Ltd notified clients in 2021 about a proposed sale of its business to PSG SIPP Ltd. Clients were formally contacted and asked to approve the transfer. In that notice, they were assured that all SIPP terms and conditions, including fees and charges, would remain the same. Clients were also given the option to transfer their benefits to another provider if they wished, with no associated costs to their SIPP funds.
Heritage Ltd Background
The Brooklands Trustees Limited was a financial management firm who developed a subsidiary known as Brooklands SIPP specialising in pension investments. Brooklands Trustees Limited entered into administration in August 2016 allowing Heritage Ltd to acquire clients whilst the Financial Ombudsman was investigating adjudications against them.
Both Heritage Pensions Ltd and PSG SIPP Ltd were authorised by the Financial Conduct Authority (FCA) and had Firm Reference Numbers (FRNs):
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Heritage Pensions Ltd: FRN 475096.
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PSG SIPP Ltd: FRN 514654.
Following the acquisition, claims relating to a lack of regulatory oversight and due diligence were redirected to the Financial Services Compensation Scheme (FSCS). Heritage, like some other SIPP providers including those connected with Harlequin Property, allowed high-risk and unregulated investments into its portfolio. Many investors, particularly those involved with Harlequin Property, lost most or all of their pension savings.
Brooklands Trustees management later came to the decision to sell the responsibility of managing and running the Brooklands SIPP in the UK to Heritage Limited. Due to this change of management, all claims regarding a lack of regulation and due diligence were redirected to the Financial Services Compensation Scheme (FSCS). Heritage included several unregulated and high-risk investments into their portfolio of approved investments, unfortunately other SIPP providers such as Harlequin Property had also followed suit.
Following the acquisition, claims relating to a lack of regulatory oversight and due diligence were redirected to the Financial Services Compensation Scheme (FSCS). Heritage, like some other SIPP providers including those connected with Harlequin Property, allowed high-risk and unregulated investments into its portfolio. Many investors, particularly those involved with Harlequin Property, lost most or all of their pension savings.
Liquidation of Heritage and PSG SIPP Ltd
Heritage Pensions Ltd entered liquidation on 17 March 2022 after the Financial Ombudsman upheld multiple decisions related to due diligence failings. The directors concluded the firm was insolvent and appointed liquidators.
PSG SIPP Ltd, which had acquired much of Heritage’s business, itself entered administration on 25 October 2024. The administrators from Evelyn Partners LLP subsequently arranged for the majority of PSG’s SIPP schemes to be sold to Alltrust Services Ltd. However, the Unity SIPP, which had a distinct structure, was sold separately to London & Colonial Services Ltd, which now trades as Pathlines Pensions UK Limited. This sale completed in January 2025.
What Clients Should Do
If you were a client of Heritage Pensions Ltd, Brooklands Trustees, or PSG SIPP Ltd, you should have received communication regarding these changes. It is important to review your SIPP investments and understand who currently administers your pension.
If you believe you were exposed to high-risk or unregulated investments, or if you have experienced losses, you may be eligible for compensation.
The majority of investors in Harlequin Property lost their entire investment, therefore if you have dealt with Heritage Pensions or Brooklands Trustees it is very possible you may have lost money and could be entitled to financial redress or compensation.
Next Steps
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
