Pension Transfers Decision Reference 2022-0051

Case OutcomeRejected
Subject MatterPension Transfers
Reference2022-0051
Date09 February 2022
Conducts Complained OfSwitching funds ,Delayed or inadequate communication
Finantial SectorInvestment
Decision Ref:
2022-0051
Sector:
Investment
Product / Service:
Pension Transfers
Conduct(s) complained of:
Switching funds
Delayed or inadequate communication
Outcome:
Rejected
LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN
The complaint relates to the conversion of the Complainant’s pension plan into a cash fund
on maturity of the plan.
The Complainant’s Case
The Complainant held a pension policy with the Provider through an occupational pension
scheme. This policy was due to mature on 4 June 2020.
The Complainant received a letter from the Provider on 7 May 2020, which was dated 24
April 2020. He says that this letter advised him to contact his broker, and that the Provider
would advise the Complainant of the options available to him.
The Complainant says that he had not received any advice from the Provider by 19 May
2020, and therefore he contacted his broker regarding his options. He says that on 18 June
2020 the Provider informed him via letter dated 5 June 2020 that his policy had been
switched to a cash fund.
The Complainant says that he did not want his policy to be taken out of the market, and that
he did not authorise this course of action. The Complainant believed that this was a mistake,
as the Provider had not yet provided him with written advice.

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