Pension Transfers Decision Reference 2025-0205

• Case Outcome: Rejected
• Year: 2025
• Reference: 2025-0205
• Date: 19 December 2025
• Subject Matter: Pension Transfers
• Finantial Sector: Investment
• Conducts Complained Of: Failure to process instructions in a timely manner

Decision Ref:

2025-0205

Sector:

Investment

Product / Service:

Pension Transfers

Conduct(s) complained of:

Failure to process instructions in a timely manner

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

Background

This complaint relates to how the Provider dealt with the Complainant in March 2020

when she sought assistance from it in relation to moving her pension investment into a

category of investment that was less exposed to market risk.

The Complainant’s Case

The Complainant submits that she was a member of a Pension Scheme (‘the Scheme’)

established by her former employer (‘the Company’). The Complainant submits that the

Provider was the Scheme Advisor, appointed by the Company and the Trustees to act as

advisor to both, and to also provide information to Scheme members. The Complainant

further states that the Trustees and the Company also appointed a Scheme Administrator

to administer the Scheme on its behalf

The Complainant says that on 10 March 2020 she telephoned the Provider and explained

to it that she wished to “de-risk” her pension investment, which at that time was in an

investment strategy portfolio with a risk rating of 4 (“medium risk”). The Complainant says

that following this telephone call, the Provider emailed the Scheme Administrator that

same day requesting information specific to the process for switching investment funds.

- 2 -

/Cont’d…

The Complainant says that as she had received no response from either the Provider or the

Scheme Administrator, she emailed both entities at 10:51 on 13 March 2020 stating, “I

would appreciate a reply to e-mail”. The Complainant says that the Scheme Administrator

emailed its response at 12:14 on 13 March 2020 and that following a telephone call with it,

she then emailed the Scheme Administrator at 14:55 on 13 March 2020, as follows:

“Further to my telephone call to your office & conversation with one of your team

member just now, I confirm that I wish to transfer my existing funds and future

contributions from the current Risk rating 4 portfolio to a 2 rating until further

notice”.

The Complainant says that in its email response at 15:35 on 13 March 2020, the Scheme

Administrator advised that it required “a clear fund choice” and that “it would be best to

speak to [the Provider] in helping to decide what fund choice is the correct one for you”.

The Complainant notes that there were further email and telephone exchanges over the

next eleven days between the Complainant, the Provider and the Scheme Administrator,

following which the Complainant emailed the Scheme Administrator at 11:19 on 25 March

2020, as follows:

“Further to my previous e-mail to your Team and discussion with [the Provider] you

will be aware from below [email thread] that I am currently investment (sic) in the

[named] Annuity investment strategy and now wish to switch the existing and

future contributions to the Cash Fund (100%) with immediate effect”.

The Complainant says that the Scheme Administrator confirmed on 27 March 2020 that

her switch instruction had been executed.

The Complainant says that from the time she telephoned the Provider, and it emailed the

Scheme Administrator on 10 March 2020 until the Scheme Administrator confirmed to her

that her switch request was completed on 27 March 2020, the value of her pension

investment had fallen by approximately €50,000.00 (fifty thousand euro).

In this regard, the Complainant, in her email of 27 March 2020 to both the Provider and

the Scheme Administrator, submits that:

“You will see from the time I made my first call to [the Provider] on Tuesday

10/3/20 until confirmation of transaction to secure investment fund today Friday

27/3/20, I have lost €50k on my PENSION investment.

I’ve been working full time for the last 40 years here with 5 years to retirement and

in less than 3 weeks this is where I end up.