Approved Minimum Retirement Fund AMRF Decision Reference 2021-0343

• Case Outcome: Rejected
• Subject Matter: Approved Minimum Retirement Fund AMRF
• Reference: 2021-0343
• Date: 30 September 2021
• Conducts Complained Of: Dissatisfaction with customer service ,Failure to process instructions in a timely manner
• Finantial Sector: Investment

Decision Ref:

2021-0343

Sector:

Investment

Product / Service:

Approved Minimum Retirement Fund AMRF

Conduct(s) complained of:

Dissatisfaction with customer service

Failure to process instructions in a timely manner

Outcome:

Rejected

LEGALLY BINDING DECISION

OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The complaint concerns an approved retirement fund held in the name of the

Complainant’s husband.

The Complainant’s Case

The Complainant submits that her late husband took out an approved retirement fund

with the Provider in 2015, and further submits that her husband sadly passed away

suddenly in 2020. The Complainant contends that she subsequently applied to have the

fund proceeds transferred into her name, this being a feature of her late husband’s policy.

She states that the Provider advised her that it required a Grant of Probate in order to

process her application.

The Complainant submits that the policy document does not specify that a Grant of

Probate is required, and that she considers this requirement to be an unnecessary and

costly expense. She further submits the Provider has failed to provide any evidence that

the requirement was included in the policy terms and conditions, and that neither she nor

her late husband were aware of the requirement. The Complainant states that the

Provider has been furnished with certified copies of her late husband’s will and that it is

aware that she is the sole beneficiary and executor of his estate.

The Complainant argues that it should have been in the relevant paperwork if it was

necessary for a Grant of Probate to be taken out.