Admin Re, the administrative arm of Swiss Re, has written to 15,000 customers and 4,000 IFAs informing them that there will be a three-month window where they can transfer to another provider without penalty.
All the life offices’ personal pensions and drawdowns are currently set up as deferred Sipps but the Sipp option will be removed at the beginning of next year.
The new business operations of Tomorrow will be transferred to LV= in December 2007 and LV=/Tomorrow stress that they will be remaining in the Sipp market.
Tomorrow product design manager Ray Chinn says: “We have a large closed book which will be remaining with Admin Re. The Sipp option on that book of business will be removed. But LV= and Tomorrow will be remaining in the market and will be offering an insured Sipp and a true Sipp.”