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Action group set to dog Winterthur over Sipps

London-based consulting actuary Geoffrey Bernstein is calling on IFAs to back his recently launched Winterthur Action Group, which aims to clean up the life office&#39s admin record on Sipps.

Bernstein has issued a rallying call to IFAs to join the group and put pressure on the life office, which has been accused of poor admin on its self-invested pension plans.

The actuary says he is attempting to establish Wag following an ongoing admin wrangle involving a Sipp.

Bernstein alleges it took Winterthur nearly six months to establish the Sipp and claims the life office refused to pay him the pre-agreed remuneration of £2,500.

Bernstein says: “Some advisers and clients have had a happy time with Winterthur, while others have had severe problems. I would be grateful to hear from other advisers and clients of Winterthur who have had trouble getting problems sorted out.”

Torquil Clark pensions development manager Thomas McPhail says: “I will be contacting Bernstein. Any moves seeking to bring pressure on Winterthur&#39s woeful track record in administrating business gets my support.”

Winterthur head of corporate communications Ginny Broad says: “Sipps are very complex products and we take their administration very seriously. If IFAs have any problem, the chances are they will be best sorted out through individual communication.”

IFAs looking to find out more should email wag@discountpensions.co.uk.

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