Hornbuckle Mitchell calls on DWP to clarify SIPP transfer rules

The SIPP administrator asserted that the issue could potentially impact hundreds of clients. Legislation which took effect at the start of this month enabled protected rights to be transferred into SIPPs However, Mary Stewart, marketing director at Hornbuckle, warned that people who have already taken benefits from the protected rights element could find themselves forced to also take benefits from their SIPP when they make the transfer. She explained: "The issue has arisen due to the proportionality rules that aim to safeguard the ring-fenced protected rights money from being deplete...