My SIPP provider will not transfer to another SIPP provider. What can I do?

[Kosenrufugirl]

Any advice would be much appreciated.

I hold some money with the Self Invested Pension Provider (SIPP). Over the years the service deteriorated to the point they are taking triple charges to what is adverstised in their fee structure schedule. I tried raising the issue with them initially and then with the Financial Ombudsman.

I suspect this SIPP provider lied through their teeth. I say this because the Financial Ombudsman wrote to me they had been provided with the statements of fees which are all correct. The trouble is I haven't been receiving any statements at all, just seeing money taken out of my pension. The Financial Ombudsman process took 18 months and got me nowhere.

I decided to transfer my SIPP to an award-winning SIPP provider recommended by Which magazine. My relative has a SIPP with them and according the relative, the service is impeccable

I emailed to my current SIPP provider multiple times since mid May. The other SIPP provider has called and emailed multiple times too (It's a sizable pot of money, so they have an incentive to act).

This particular SIPP provider is stone walling all queries.

I got to the point I am really worried this SIPP provider doesn't even have my pension funds anymore. I am not sure what protection my pension money are entitled too in case them going bust.

Can anyone please offer advice on how to extricate my money from this SIPP provider. Do I go via a Financial Ombudsman again or is there another route? Also, does anyone know what will happen to my money if this SIPP provider goes bust?

Who is it?

God that sounds an absolute nightmare, I'm sorry you're in this situation.

The Financial Ombudsman should have explained your next steps if you're not happy, but in your shoes my next step would be to get on to the FCA.

"SIPPs are regulated by the Financial Conduct Authority (FCA), which is the regulatory body responsible for ensuring that financial markets operate honestly, fairly, and effectively. This is important because it means that SIPP providers must adhere to a set of rules and guidelines to protect consumers and maintain a stable financial market."

SIPPs are covered up to £85,000 by the FSCS (financial services compensation scheme) if the provider goes out of business

So the financial ombudsman has made a decision against you? They are normally very strict and will uphold complaints just about any little mistake.

A transfer has to be arranged by your new provider - so it is them you need to chase.

I am just wondering if you have any non-standard investments that may not be available with your new provider so can’t easily be transferred. What are you invested in?

I feel your pain. I'm in the same position. The SIPP provider/administrator is in receivership but the pension assets are safe as they're in a trustee bank account - just cash in the bank, no investments! The FCA are the ones who are preventing any transfers to other providers. I made a formal complaint to the FCA six months ago, and the FCA are really dragging their feet, just sending the occasional "holding" response every 6-8 weeks with no actually progress. Like the OP, I never had any annual statements for several years and they just carried on taking random "fees" that were nothing like the published fee schedule. In my case, the FCA are just as bad as the receivers for the pension provider firm. Meanwhile, the receivers are charging, literally, millions to "administer" the pension firm, but don't actually seem to be doing anything! It's all an absolute nightmare. No wonder some people are very suspicious of pension firms! Despite the so-called "regulations" and safeguards, it's still like the wild west out there with unscrupilous firms/people helping themselves to peoples' pension funds.

Many thanks for your reply. No I haven't been informed I could go to the Financial Conduct Authority. This is my next step, thank you very much for advice

Thank you for your reply. My investments are very simple- stocks and shares listed in the UK and US plus some cash. No emerging markets, no complex products, not even European exchanges. AJ Bell said they would happily accept the transfer. AJ BELL just informed me there is nothing else they can do at their end as the other party has been completely ignoring their calls and emails. The pension pot is just under £100k so I believe AJ Bell did try. I exchanged a few messages with them. What they describe completely matches my own experience- my current pension provider stonewalls whenever they feel like. I suspect the reason the Financial Ombudsman didn't upheld my complaint is because this pension provider falsified the statements. The Financial Ombudsman said the statements were all correct. However I never received the statements. All I can see is the money taken out on Ledger and only for the last year. I also get an email whenever the money is taken. It's over a thousand extra over the last 2 years since my current pension provider changed ownership. I provided this evidence to the Financial Ombudsman and they chose to believe the other party. Any suggestions on how I can extricate myself out of this mess? Many thanks in advance

I am really sorry to hear about your situation. Would it possible for you to name your SSIP provider? They won't be able to sue for libel, they are already in the receivership. I wonder if our pensions are with the same provider or different ones. I am really worried my pension provider is going bust. I would rather know sooner than later if that's the case. I am relieved to learn that at least £85k is protected. It's such a shame that a few bad apples give private pensions a bad name. I hope your case will get a resolution soon. It took the Financial Ombudsman 18 months to review my case, this is way too long

Who is the provider?

I am worried they will sue for libel. Restaurants occasionally for bad reviews.

Is your current sipp provider in administration?

Are you SURE they haven't changed hands and have different contact details?

They aren't in administration to my knowledge. I did manage to get hold of them on a separate matter after they have changed hands and so did the Financial Ombudsman. So their are contact details are correct.