Personal Pension Plan Decision Reference 2024-0158

• Jurisdiction: Ireland
• Case Outcome: Rejected
• Year: 2024
• Reference: 2024-0158
• Date: 19 July 2024
• Subject Matter: Personal Pension Plan
• Finantial Sector: Investment
• Conducts Complained Of: Failure to advise on key product/service features,Failure to provide accurate investment information

Decision Ref:

2024-0158

Sector:

Investment

Product / Service:

Personal Pension Plan

Conduct(s) complained of:

Failure to advise on key product/service features

Failure to provide accurate investment information

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

The complaint concerns a personal pension plan.

The Complainant’s Case

The Complainant says that he started a personal pension plan with the Provider in 1988

and that, since then, he has received statements on an annual basis. The Complainant says

that he was born in late 1959, such that his 60th birthday fell in late 2019.

The Complainant says that he received an annual statement from the Provider on 29

January 2020 which advised that there was a “value of approximately of €93,000 available

in my Pension fund”.

The Complainant says that he made a telephone call to the Provider in late February 2020,

and he says that when he was advised that the value of his pension fund had “dropped to

€67,000-€69,000”, he queried whether his pension “had matured as referenced in [his]

original Pension Plan Agreement dated 15th September 1988”.

The Complainant says that “in this agreement, it clearly states my chosen retirement date

being the 27th of January 2020, aged 60”. The Complainant says that during this call with

the Provider in February 2020, the Provider “told” him that his policy “will mature on the …

2020, my 61st birthday”.

The Complainant states that, previously, he: