The Investor SIPP (CAS-54306-K6B1)

Ombudsman’s Determination

Outcome

I do not uphold Mr R’s complaint and no further action is required by the Trustee or II. 

Complaint summary

Mr R complained that a delay to the crystallisation of his account in the SIPP (the Account) resulted in him:

using more of his protected Lifetime Allowance (LTA) than he needed to; and

incurring additional tax on future withdrawals.

Mr R asked to be reimbursed £27,259 for additional LTA tax he paid for exceeding his protected LTA, and £6,000 for additional income tax he paid on £30,000 of subsequent taxable withdrawals.