Buy-Out Bonds Decision Reference 2024-0115

• Jurisdiction: Ireland
• Case Outcome: Rejected
• Year: 2024
• Reference: 2024-0115
• Date: 23 May 2024
• Subject Matter: Buy-Out Bonds
• Finantial Sector: Investment
• Conducts Complained Of: Failure to switch to safe fundnear retirement

Decision Ref:

2024-0115

Sector:

Investment

Product / Service:

Buy-Out Bonds

Conduct(s) complained of:

Failure to switch to safe fund near retirement

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint relates to a Personal Retirement Bond (PRB) held by the Complainant with

the Provider.

The Complainant’s Case

The Complainant says that in or around July 2016, she instructed the Provider to transfer

the value of her PRB to a new provider. She contends that, at this time, she was unaware

that this type of transfer was “not allowed by Policy Condition 8(F)”. She says that this was

because the new provider’s pension arrangement was not, at that time, an exempt

approved scheme under Section 774 of the Taxes Consolidation Act 1997, nor was it a

retirement benefit scheme approved by the Revenue Commissioners for the purpose of

this section.

The Complainant states that the Provider did not “exercise due diligence” prior to making a

transfer of the value of her PRB to the new provider in August 2016.

The Complainant submits in that regard, that the ‘Willing & Able’ Letter sent by the new

provider, to the Provider on 4 August 2016 did not say that it was an approved scheme

under the 1997 Act, or an exempt approved scheme.