Alliance Trust will no longer accept new business for its Full SIPP from 12 December, due to concerns over poor administration.
The firm says it has suspended the product to conduct a comprehensive review of services to its 7,000 Full SIPP members.
A spokesman for Alliance Trust says: "We felt we needed to strengthen our admin side as the service was not really up to standard."
It will continue to offer its Select SIPP, which accounts for around 50% of the firm's pension business, as usual.
The spokesman says the firm will review its customer service and administration and will look to re-introduce the product in the future, but could not speculate on how long this process would take.
The Full SIPP allows savers to utilise HM Revenue & Customs' full range of permitted investments, which Alliance Trust has promoted as having enhanced flexibility compared with other products.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]
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