Store First was an unregulated storage pod scheme that was placed into thousands of SIPPs via unregulated broker networks. If your pension was invested in Store First pods — through Options UK, Carey Pensions, Berkeley Burke, or another SIPP operator — compensation routes are available.
Start your free assessment →Store First was an unregulated investment scheme that sold 250-year leases on storage pod units marketed as income-generating pension investments. Store First pods were promoted by a network of unregulated broker firms and placed into SIPPs operated by Options UK (formerly Carey Pensions), Berkeley Burke, London & Colonial, and others.
The pods subsequently became effectively worthless. Court of Appeal decisions in Adams v Options UK [2021] and Fletcher v Options UK [2024] arose directly from Store First investments. The FOS has upheld hundreds of complaints arising from Store First pods held within SIPPs. Compensation claims run against the SIPP operator — not against Store First itself.
The following decisions are a matter of public record. Decision references can be verified at financial-ombudsman.org.uk.
The Court of Appeal found that where Store First pods were placed into an Options UK SIPP via an unregulated Spanish broker (CLP), the SIPP contract was unenforceable under FSMA s.27. The full original transfer value is recoverable as if the contract had never been entered into. This decision directly applies to all Store First cases where the introducer was not FCA-authorised.
The ombudsman upheld the complaint, finding Options should have conducted more thorough due diligence before accepting the Store First investment. Options was directed to compensate the claimant on the basis of remaining in their original pension arrangements.
Options UK and Berkeley Burke are in FSCS default. Direct FSCS claims are open for Store First pod holders whose SIPP was operated by either firm.
Up to £85,000Adams v Options UK [2021] confirmed the SIPP contract is unenforceable where the Store First introducer was unregulated. The full original transfer value is recoverable uncapped.
Full transfer value — s.27Store First investments were typically made between 2011 and 2015. The six-year FOS absolute clock may have expired for some claimants. The FSMA s.27 civil route and FSCS default routes have different limitation rules. Obtain an assessment immediately. See redressadvisory.com/time-limits for the full limitation framework.
The loss is the full original transfer value placed into the SIPP to purchase Store First pods, plus any reasonable investment return you would have received had the money remained in your original pension. The FOS applies the DISP Appendix 4 methodology for DB transfer cases, or a benchmark return for DC cases.
Yes. Under FSMA s.27, even if you knew the investment was high risk, the SIPP contract remains unenforceable if the introducer was unregulated. Adams v Options UK [2021] confirmed this explicitly.
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You can complain directly to the firm, refer to the Financial Ombudsman Service or apply to the FSCS — all completely free. If you use the free routes, you keep 100% of any compensation.
| Redress received | Max % | Max fee |
|---|---|---|
| Up to £1,499 | 30% | £420 |
| £1,500–£9,999 | 28% | £2,500 |
| £10,000–£24,999 | 25% | £5,000 |
| £25,000–£49,999 | 20% | £7,500 |
| £50,000 and above | 15% | £10,000 |
Compensation is paid directly to you. We invoice after you receive your compensation. You pay nothing if unsuccessful. Source: FCA PS21/18 (Chapter 2, Table 1) & CMCOB 5.2. Excl. VAT.
Compensation is paid directly to you. We invoice after you receive your compensation. You pay nothing if unsuccessful. Source: FCA PS21/18 (Chapter 2, Table 1) and CMCOB 5.2. Excl. VAT.
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Contact complaints@redressadvisory.com. If unresolved, refer to the Financial Ombudsman Service free of charge within 6 months of our final response.