Hi,
Am troubled at the moment by problems with a slow DB -> SIPP pension transfer.
CETV provided in January by the DB scheme, with a 3 month guarantee. However because of pitifully slow paperwork handling by new SIPP provider, the guarantee deadline was missed and the transfer did not go ahead.
I have now requested a fresh transfer value from the old DB scheme, which will be guaranteed until late September, but it's about 6% lower than the earlier number (presumably a result of shifts in long term bond yields affecting the actuarial calcs, etc.). I had to pay a fee of £330 as well (only entitled to one free CETV quote per year).
Would I have any grounds to claim compensation from the SIPP provider for the losses I've incurred (either the £330 fee, the lower CETV, or both)?
Thx...
Got a credit card? use our Credit Card & Finance Calculators
Thanks to eyeball08,Wondergirly,bofh,johnstevens77,Bhoddhisatva, for Donating to support the site
SIPP Provider - transfer failure through slow admin
-
- Posts: 12
- Joined: March 9th, 2018, 1:18 pm
- Has thanked: 3 times
-
- Lemon Quarter
- Posts: 1007
- Joined: November 8th, 2016, 2:20 am
- Has thanked: 130 times
- Been thanked: 196 times
Re: SIPP Provider - transfer failure through slow admin
rockyrocky wrote:Hi,
Am troubled at the moment by problems with a slow DB -> SIPP pension transfer.
CETV provided in January by the DB scheme, with a 3 month guarantee. However because of pitifully slow paperwork handling by new SIPP provider, the guarantee deadline was missed and the transfer did not go ahead.
I have now requested a fresh transfer value from the old DB scheme, which will be guaranteed until late September, but it's about 6% lower than the earlier number (presumably a result of shifts in long term bond yields affecting the actuarial calcs, etc.). I had to pay a fee of £330 as well (only entitled to one free CETV quote per year).
Would I have any grounds to claim compensation from the SIPP provider for the losses I've incurred (either the £330 fee, the lower CETV, or both)?
Thx...
Both.
See:-
https://www.pensions-ombudsman.org.uk/g ... ngs-right/
But you have to go through the company's official complaint process first.
-
- Posts: 12
- Joined: March 9th, 2018, 1:18 pm
- Has thanked: 3 times
Re: SIPP Provider - transfer failure through slow admin
Thank you. Interesting reading. The SIPP provider does have a formal complaints procedure anyway so I think that's my next step. We shall see....
-
- Lemon Half
- Posts: 7882
- Joined: November 4th, 2016, 11:24 am
- Has thanked: 7 times
- Been thanked: 3041 times
Re: SIPP Provider - transfer failure through slow admin
rockyrocky wrote:Thank you. Interesting reading. The SIPP provider does have a formal complaints procedure anyway so I think that's my next step. We shall see....
Actually, I'd suggest that your next step should be to have an informal chat with the Ombudsman, as they may be able to give some hints on how to approach your provider's complaints procedure (what to say and not say, how to say it, etc).
"If you need help raising your concerns, or just to discuss a potential complaint with a member of the team, you can use our helpline service by:
Phone: 0800 917 4487 and select the option to discuss a potential complaint" https://www.pensions-ombudsman.org.uk/contact-us/
Return to “Pensions - Practical Problems”
Who is online
Users browsing this forum: No registered users and 32 guests