Personal Pension Plan Decision Reference 2023-0265

• Case Outcome: Rejected
• Year: 2023
• Date: 29 November 2023
• Reference: 2023-0265
• Subject Matter: Personal Pension Plan
• Finantial Sector: Investment
• Conducts Complained Of: Failure to advise on tax implications/tax relief,Fees & charges applied

Decision Ref:

2023-0265

Sector:

Investment

Product / Service:

Personal Pension Plan

Conduct(s) complained of:

Failure to advise on tax implications/tax relief

Fees & charges applied

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint arises from a pension held with the Provider, by a policyholder who is now

deceased. This complaint is submitted by the Estate of the deceased, who passed away in

mid-2020. For the purposes of this complaint, the deceased is also referred to as “the

Complainant”. The Complainant is represented by his son.

The Complainant’s Case

The Complainant held a Pension Life Annuity Policy with the Provider, which his

representative states commenced in July 2001. The Complainant’s representative says that

pension payments were overstated on the Provider’s submissions to Revenue during the

period of 2005 to 2015. He says that the Complainant’s accountants informed the Provider

of its error, which was acknowledged, and Revenue was then informed.

The Complainant’s representative states that the overstated tax liability on Revenue

records was corrected and a refund due to the Complainant was paid by the following

method:

- The overstated tax liability from 2005 to 2010 was “corrected by way of a

payment” of €31,847 (thirty-one thousand, eight hundred and forty-seven

Euro) paid directly by the Provider to the Complainant, in or about November

2016.