The Financial Ombudsman Service (FOS) has reported there were 697 enquiries about self-invested personal pensions (Sipp) between October and December 2019 in its current financial year which ends 31 March 2020.
This is a sharp drop from the previous year (Q3 2018/19), where there were 1,029 enquiries.
Some 88 cases were taken to the ombudsman in Q3 2019/20, with 49% of cases upheld.
Whereas, between October and December 2018, 212 cases were taken to the ombudsman and 59% of cases were upheld.
There were 653 new cases in Q3 2019/20, compared to 1,047 a year earlier.
However, despite these figures, recently the Financial Services Compensation Scheme said that rising Sipp claims was one of the main reasons for the increase to its levy this year.
Transfers
Uphold rates for occupational pension transfers, which include defined benefit transfers, also dropped in the same period.
They came in at 29% between October and December 2019, from 50% in the same period in 2018.
Enquires received by the service concerning occupational transfers came in at 135, while number of new cases was 213.
In Q3 2018/19, there were 194 enquiries and 181 new cases.
Whole-of-life and personal pensions
Number of whole-of-life policies cases upheld rose by two percentage points to 16% from 14% in Q3 2018/19.
New cases fell to 237 from 466, enquiries received also decreased to 219 from 557, and number of cases taken to ombudsman dropped by two to 55.
In the personal pensions sector, cases upheld stayed the same.
Enquiries received fell dramatically to 314 from 904 in Q3 2018/19.
New cases came in at 296, while cases taken to the ombudsman decreased to 59 in the period.
