About £100m worth of Stadia Sipps schemes will be wound down after Mattioli Woods was appointed to administer the process.

It will oversee the administration of the Stadia Sipp, Noisnep Sipp, Essential Sipp, Essex Community Foundation Sipp, Hero Sipp, Investor Club Sipp, Ipswich Sipp, Liberator Sipp and Munro Sipp by the schemes' operator, working with the Financial Conduct Authority.

A Stock Exchange announcement read: “Following a variation of permission in 2013, Stadia was forced to cease accepting new business and now intends to wind-up the Schemes, securing the benefits of members by transferring their assets to alternative pension arrangements.

“Mattioli Woods has worked closely with Stadia to secure its appointment to administer the wind-up of the schemes and transfer members' assets to new pension arrangements, including a default arrangement provided by Mattioli Woods, for a consideration of £120,000 payable over a three month period following completion.

“The estimated total value of clients' assets is £100 million, held between circa 1,200 separate arrangements.

Ian Mattioli, chief executive, said: "Our technical expertise and reputation in the Sipp market has driven this opportunity. We look forward to working closely with members of the Stadia schemes to deliver bespoke personal service and specialist advice."