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Self-Invested Personal Pension - SIPPS

Recent information from the Financial Ombudsman Service shows that the number of SIPPs complaints is on the rise. The data that was released by the Financial Ombudsman Service shows that it has received approximately 1,575 new SIPP complains which are higher compared to the previous year which had 1,493 cases in total. The total number of SIPP complaints that have been upheld this year has reduced slightly from 56% to 51%.

Most of the SIPPs issues were either about sales and service or the administration. The Financial Ombudsman Service says that the SIPP complains were under the upheld category with its findings favouring the complainant on 44% of the occasion. There are also reports from the Financial Service Compensation Scheme that the amount of the claims that are related to SIPP are on the rise. With the increase in SIPP complains, here are a few ways that can help you handle your SIPP claims.

Contact your Self Invested Personal Pensions Provider

Most individuals get their pension issues resolved in this way. Contacting your SIPP provider will help you get the right information about the problem. After getting the answer to your problem then you will know the next step to take. By communicating with your provider, you will be able to track your records which can act as a starting point for your claim.

Making a Complaint

Before you make a complaint, request your provider to give you more information about their SIPPs complaint process. This process is always different depending on the type SIPP provider. Strictly follow your provider’s procedure and process prior to taking any action. It is advisable that your complaint should be in written form and obtain the response in writing. This will help you in case you are planning to take the complaint further.

Taking Your Complaint Further

If you have followed the right procedure and process of your SIPPs provider, there are various ways of taking things further. Here are the different ways:
  • Complaints about Your Financial Advice: When you have these complaints, you can contact the Financial Ombudsman Service to help you. The service is always impartial and free. The body has legal powers to reject your complaints or uphold. This service would be the best if you were provided with wrong financial advice that might have influenced you to take out a self-invested personal pension that was not right for you. It can also help in the handling of various types of pension complaints about how it is marketed or sold.
  • Complaints about how your SIPP has Been Run: If you have such claims, it is essential to seek the services of the Pensions Advisory Services. You can call or use the online enquiry form. This organisation will provide you with the much needed independent and free advice. It deals mostly with claims about being provided with the wrong information by your provider and if the provider has taken much time to respond. Pensions Advisory Services will work closely with you and your provider to get the best solution.

The Retirement planning tool

Our retirement arranging device gives employees a chance to explore different avenues regarding the diverse factors of pension investing– commitment levels, retirement age and venture decisions – and analyse their retirement choices.

Employees can see the salary they may hope to get contingent upon elements, for example, the amount they spare and to what extent they put something aside for, the execution of their ventures, and how they take their advantages when they choose to get to their investment funds.

They can likewise get a thought of the cash lump sums and pay that may be created by the various alternatives.

The online enrolment management enables the employees to View and change their details.

  • Discover more about their pension and venture options
  • Choose to opt out in case they wish to leave the pension scheme.
  • They can also interact directly with our customer support for any help.
  • Its high time you take Pension Auto Enrolment seriously. There are very severe fines for those that do not comply with the rules.
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