Customers of Tomorrow or at least of Tomorrow’s closed fund, serviced by Admin Re, an offshoot of Swiss Re, learnt last week that they were to lose the chance of converting their pensions to Sipps, ie, the deferred Sipp option.
Advisers muttered darkly that they would transfer away and not without justification. On the, ahem, morrow, they then learnt that the whole thing was a mistake.
On the one hand, that is good news. It is not often that providers admit to making a mistake but it is a bit of a silly one.
Clearly, wires got crossed. We would love to have been a fly on the wall listening to the various conversations that took place between Tomorrow and Admin Re. We would love to know who took the decision to send out the missives and, of course, who within which firm had the power and jurisdiction to reverse the decision (sorry, mistake).
Whatever really happened, it underlines why this paper has misgiving about the way closed funds operate. TCF, if it means anything, needs to operate here. It also applies to Royal London in its Pru annuities deal, too.