Pensions Ombudsman confirms entire SIPP may be disinvested on first instruction following member’s death

A recent determination by the UK Pensions Ombudsman (PO) confirms that where there are multiple beneficiaries following the death of a member, it is reasonable for the providers to disinvest the pension fund on first instruction from a beneficiary to ensure the beneficiaries receive correct shares and are protected against market fluctuations affecting allocations between beneficiaries.