Standard Life Self Invested Personal Pension Scheme (PO-3105)

Subject

Mr Stobie complains that Standard Life refused to act on his request to transfer his benefits from the SIPP to the Shredded Image Limited Pension Scheme (the Scheme).

Summary of the Ombudsman’s determination and reasons

Mr Stobie did not have a statutory right to transfer, primarily because the transfer would not have secured “transfer credits” which, as defined in the relevant legislation, required him to be an earner in relation to the Scheme, which he was not.  However, under the rules of the SIPP Standard Life had discretion whether to allow a transfer nevertheless, which they have not considered. The complaint is upheld to the extent that they should now do so.