Suffolk Life SIPP (PO-265)

Subject

Mr Hutchinson complains that Suffolk Life have failed to administer his SIPP properly. In particular, he says that they:

• failed to provide him with financial statements over a number of years
• failed to clarify the legal basis and requirements for their income review procedure
• deducted inappropriate fees
• set up both unnecessary insurance for the SIPP owned property and an overdraft facility for the SIPP in contravention of their terms and conditions
• caused him unnecessary inconvenience and distress by their poor handling of his subsequent complaints.

The Deputy Pensions Ombudsman’s determination and short reasons

The complaint should not be upheld against Suffolk Life as the fees have been charged in accordance with their terms and conditions and do not appear unreasonable. I also do not find that Suffolk Life acted outside of their terms and conditions or failed to inform him of the legal basis of their income review basis. Suffolk Life has also offered to reimburse Mr Hutchinson for the additional insurance costs, overdraft fees and a property accounting fee as well as an offer of £200 in compensation for distress and inconvenience which I do not find unreasonable.