Personal Pensions: Insolvency
The question
To ask the Chancellor of the Exchequer, what assessment her Department has made of the adequacy of the standard corporate insolvency regime for ensuring the timely and cost-effective transfer of client Self-Invested Personal Pensions; and if she will commit to reviewing the case for a bespoke Self-Invested Personal Pensions Operator insolvency regime to better protect retirement savings.
Answered by Torsten Bell
The Government recognises that the insolvency of a Self-Invested Personal Pension (SIPP) operator can have a significant impact on customers as we have seen in some high-profile cases recently. The current corporate insolvency regime does enable transfers of client assets in these situation, but HM Treasury is monitoring developments. The FCA regulates SIPP operators, and HM Treasury works closely with the FCA to monitor the sector and address emerging risks.
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