The EAC is intended to cover costs, including the costs for customers to transfer to other regulated companies where possible, until Hartley’s administration is concluded.
FT Adviser reported in December that this charge could amount to as much as £37mn. The administrators have said this would be to cover work arranging transfers out for the 16,741 Sipp schemes.
The administrators said it will be writing to all clients shortly to provide a calculation of each client's estimated EAC.
It said total estimated EAC constitutes approximately 2.8 per cent of the total assets under administration.
Hartley Pensions entered administration at the request of the Financial Conduct Authority back in July 2022.
amy.ausin@ft.com
FT Adviser has an entire section dedicated to Hartley Pensions to help advisers and clients get the information they need: https://www.ftadviser.com/hartley-pensions/
