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Tomorrow backtracks on withdrawal of Sipp option saying it was a mistake

Tomorrow says it mistakenly issued letters to 15,000 customers and 4,000 advisers telling them it would be withdrawing the self-investment option on its closed book of deferred Sipp business from January 2008.

As reported in this week’s Money Marketing, Tomorrow’s closed book of personal pensions and drawdown policies is administered by Admin Re, the admin arm of Swiss Re, and customers were told there would be a three-month window when they could transfer to other providers without penalty.

But the life office now says this letter was issued in error and that it had no intention of withdrawing the Sipp option, despite comments to the contrary from Tomorrow product design manager Ray Chinn earlier this week.

On Tuesday, Chinn said: “We have a large closed book which will be remaining with Admin Re. The Sipp option on that book of business will be removed.”

A spokeswoman says: “On this occasion, we regret, this letter was issued in error. Tomorrow would like to make it clear that, at no time did it have any intention of withdrawing this option. The option will continue to be made available to policyholders who may wish to exercise it, now and in the future.

“Tomorrow is very sorry for any confusion or concern that this mistake may have caused and, within the next few days, will be writing again to policyholders and IFAs to inform them of the position.

“Finally, Tomorrow will take immediate steps to review its normally robust processes to ensure that similar miscommunications do not arise in future.”

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