Mattioli Woods has been appointed to administer the wind-up of Stadia schemes holding £100m of self-invested personal pensions (SIPP), after it ceased to take on new business in 2013.
Mattioli Woods will transfer the assets, held in about 1,200 separate arrangements, to new pension deals including a default option provided by firm. It will be paid £120,000 for the service. Stadia was forced to cease accepting new business following a variation of its permissions in 2013. The schemes being wound up are Stadia SIPP, Noisnep SIPP, Essential SIPP, Essex Community Foundation SIPP, Hero SIPP, Investor Club SIPP, Ipswich SIPP, Liberator SIPP and Munro SIPP. Mattioli has been actively buying advice and pension firms in the last year, reaching client assets of £5.4bn and...
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