LV Self Invested Personal Pension (PO-547, PO-613 and PO-1175)

Subject

The Applicants complain that LV=, the LV SIPP administrator, incurred delays in effecting an in-specie transfer of the LV SIPP property to their Standard Life SIPPs. They are also dissatisfied with the handling of a lease transaction by LV= and their record keeping for the property. As a result, the Applicants assert that they were unable to access their LV SIPP assets whilst the transfer was continuing, incurred additional legal costs and suffered distress and inconvenience

The Deputy Pensions Ombudsman’s determination and short reasons

I have looked very carefully at the case and it is my view that the complaint made by the Applicants cannot be upheld because it was essentially their failure to draw up the new lease for Unit One and to explain clearly the organisation changes occurring at the company renting the LV SIPP property which resulted in the considerable delay to the transfer of pension rights from LV= to Standard Life and the additional legal costs incurred.