AEGON Self Invested Personal Pension Scheme (CAS-35871-M0Y2)

Ombudsman’s Determination

Outcome

I do not uphold Ms Y’s complaint and no further action is required by AEGON.

Complaint summary

Ms Y’s complaint is about a withdrawal she made from the SIPP after having transferred in funds from an Aviva personal pension plan. Ms Y says she understood the withdrawal would be tax-free but AEGON deducted tax before paying the withdrawn funds to her.

As a result of the withdrawal, Ms Y’s future contributions have been limited by the Money Purchase Annual Allowance (MPAA).

Ms Y has also complained about the length of time it took AEGON to complete the transfer and pay the withdrawn funds to her.