EPML Suffolk Life SIPP Trustees

[yieldhog]

EPML recently went into administation and it's business was taken over by Suffolk Life. EPML was my SIPP Trustee and today I received a package of information from Suffolk Life detailing all the terms and conditions of a transfer of my SIPP assets to Suffolk Life.

My questions are:

1. Is there anyone on this board in a similar position to me?

2. Does anyone on this board have any experience with Suffolk Life as a SIPP trustee?

3. At first reading, the terms of the transfer and subsequent fee structure does not look unreasonable, but if I do decide to look for a new Trustee, can anyone recommend a good one?

Any insights appreciated.
Yieldhog

[Alph]

I received a similar pack, am still in discussions with Suffolk Life and yet to sign up. Have you moved forward and how would you rate your experience with Suffolk Life?

[Dod1010]

I used Suffolk Life many years ago when it was owned/run by one Henry Catchpole based in Ipswich I think it was. They certainly knew what they were doing then. I switched into ATS not because I was in any way dissatisfied with Suffolk Life. Then they were bought I think by Legal & General. They sold them recently to Curtis Banks, but as a concern SL have been around for at least 20 odd years and I would think are probably fine but this is in no way a recommendation because all may have changed.

Dod

[LeMoss]

I was in a similar position and opted to switch to Suffolk Life. So far the experience has been good and I have already made two tranches of employer SIPP contributions this month and they landed in my selftrade account seamlessly.
A reassuring aspect of the whole process was the fact that the impact of EPML going into administration and the switch to Suffolk ( in my case) was really minimal.
All through I retained my ability to manage investments directly in the same way. I know some people worry about the "what-ifs" around the safety of their assets in situations like this but at least in my experience, it was good to see that the regulatory framework and processes do protect the individual investor in these circumstances.

[Alph]

thank you for your help, LeMoss and Dod1010