Regulation and Complaints

In the first instance, you should complain to the adviser or provider who sold you the SIPP. Give them a chance to respond to your complaint. If the matter is not resolved, then the Pensions Advisory Service may be able to advise you on the merits of your case. We may be able to mediate a resolution between you and the company that sold you the SIPP.  Ultimately, the matter may have to be referred to the FOS.

First of all you should check that the charges are listed in your policy document and explanatory brochure. The provider should tell you in advance about the level of charges they will deduct and the terms on which they can increase the charges.

If you cannot find the charges listed, write to your SIPP provider or broker. Do note that it can be hard to challenge any charge where the amount is down to the provider's discretion or commercial judgement. But do ask about comparable rates in the market place.

Check to see if the policy document or explanatory brochure says the provider can do this. Sometimes providers reserves the right to cash in investments to meet charges if there is not enough cash in the SIPP bank account to pay the charges.

If not, you could have a case against the provider for maladministration if they cannot prove that they have the power to act in this way and/or show that they have taken steps to inform you about this power.

However, if the charges themselves are part of the agreement you signed up to when you took out the SIPP, you will still be contractually obliged to pay them when due.

TPAS may be able to mediate between you and the provider to reach a mutually agreeable solution. If your complaint relates to the way the SIPP has been run, we can advise you whether the Pensions Ombudsman would be able to determine your complaint.

However, if your complaint relates to the performance of investments, the Pensions Ombudsman will not accept your case.

If you are complaining that you were mis-sold the SIPP, you will be able to complain to the Financial Ombudsman Service (the normal arbitrator in such cases).

The Pensions Advisory Service gets involved before the Pensions Ombudsman, who is normally the final arbiter in the matter. We do not have any statutory powers and can only resolve cases through persuasion and conciliation. The Ombudsman on the other hand has similar powers to a court of law.

Our advisers are all pensions experts; some are volunteers who carry out this service free of charge in their own time. Their first task is to gather as much information as possible from you and all other parties involved. If our adviser, in the light of the information available, does not believe you have a sustainable case, he or she will tell you this, explain why this conclusion has been reached and close the file.

No opinion expressed by us is in any way legally binding and you still have the right to take your case to the Pensions Ombudsman, as long as it is within his jurisdiction.

If our adviser believes you have a case, however weak, he or she will assist you and the other parties to come to a resolution. Sometimes this may result in you getting everything you want but often it may involve a compromise and a negotiated settlement. If, at the end of our efforts, you are not prepared to accept the outcome, you are still free to take your case further.