Pension Transfers Decision Reference 2022-0183

• Case Outcome: Upheld
• Subject Matter: Pension Transfers
• Reference: 2022-0183
• Date: 28 March 2022
• Finantial Sector: Investment
• Conducts Complained Of: Dissatisfaction with customer service

Decision Ref:

2022-0183

Sector:

Investment

Product / Service:

Pension Transfers

Conduct(s) complained of:

Dissatisfaction with customer service

Outcome:

Upheld

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The Complainant was a member of a pension plan with the Provider and was identified as

the customer of the Provider, in the plan schedule.

The Complainant’s Case

The Complainant submits that in March 2020 the decision was made to transfer his pension

bond from the Provider to a third-party provider. He further explains that he then cancelled

his initial transfer request to allow him time to gather “as much documentation as possible”,

because markets and values were volatile at that time, and he wanted, insofar as was

possible, to avoid “not being invested”.

The Complainant contends that on 15th May 2020, he instructed the Provider to transfer his

pension to the third-party provider.

He states that the Provider “finally” transferred his funds on 9th June 2020, though it applied

a transfer date of 25th May 2020.

The Complainant submits that the value of his pension had increased by more than

€7,000.00, in the period between 25th May and 9th June 2020. He further submits that after

the initial transfer request was made on 15th May 2020, he contacted the Provider on

“numerous occasions” but that his emails were not answered and “some of the information

we were given over the phone…was not correct”.