SIPP Provider - transfer failure through slow admin

[rockyrocky]

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...

[supremetwo]

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.

[rockyrocky]

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....

[mc2fool]

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/