‘Pension firm’s muddle made me miss the market bounce’

'Pension firm's muddle made me miss the market bounce'

I hold a self-invested personal pension (Sipp) with Fidelity, with money held in several funds. I wanted to add to my Sipp in December 2018, as my strategy is to top up and change holdings when a market appears low, as my pension will be held for a further 25 years at least.

In late December I checked my account to discover that all my funds had been sold, which is not what I instructed.

Fidelity has confirmed this was not my instruction and agreed to rectify the error but nothing has been done. I have contacted Fidelity six times and each time am told the same thing, that it will be rectified – but nothing is done.

My Sipp is now totally invested in cash and I cannot act on my account. Given the stock market dip at the time of the sale, my intention to move further holdings to FTSE 100-based funds, and now the recent market rebound, I am out of pocket and this gap continues with time.

PS, Surrey

Fidelity confirmed that on Dec 14 you made a contribution to your investments to top up your Sipp, and then contacted it later that day to request that the top-up was allocated to cash rather than investments.

It admitted that due to an administrative error all of your Sipp assets, rather than just the top-up, were moved to cash.

When you called to query why all your Sipp assets had been switched to cash, it said your case was investigated but staff failed to discover the error and make the necessary corrective changes.

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