Personal Pension Plan Decision Reference 2024-0019

• Jurisdiction: Ireland
• Case Outcome: Substantially upheld
• Year: 2024
• Reference: 2024-0019
• Date: 08 February 2024
• Subject Matter: Personal Pension Plan
• Finantial Sector: Investment
• Conducts Complained Of: Failure to process instructions in a timely manner,Delayed or inadequate communication, Fees & charges applied , Switching funds

Decision Ref:

2024-0019

Sector:

Investment

Product / Service:

Personal Pension Plan

Conduct(s) complained of:

Failure to process instructions in a timely manner

Delayed or inadequate communication

Fees & charges applied

Switching funds

Outcome:

Substantially Upheld

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint arises from the transfer of a pension plan from the Provider to a new

provider.

The Complainant’s Case

The Complainant held a pension plan with the Provider. He states that on 4 March 2021,

through his broker, he directed the Provider to transfer his pension funds to a new

provider.

The Complainant states that his pension funds were not transferred until 29 April 2021,

and that his funds were frozen during this period. He states that he continued to receive

“live valuations” for the funds until 16 April 2021, and that his funds were valued on this

date at €101,301 (one hundred and one thousand, three hundred and one Euro). The

Complainant states that despite this valuation, only €96,815.86 (ninety-six thousand, eight

hundred and fifteen Euro and eighty-six Cent) was transferred into his account with the

new provider, following the completion of the transfer.

The Complainant seeks a full breakdown of the fund during this period, including fees and

charges that were deducted. The Complainant also states that he was put at a

disadvantage by the Provider’s delay in carrying out his instructions, and he notes that,

notwithstanding the delay, it still charged its full fee.