Personal Pension Plan Decision Reference 2024-0026

• Jurisdiction: Ireland
• Case Outcome: Rejected
• Year: 2024
• Reference: 2024-0026
• Date: 20 February 2024
• Subject Matter: Personal Pension Plan
• Finantial Sector: Investment
• Conducts Complained Of: Encashment delays ,Dissatisfaction with customer service , Failure to process instructions in a timely manner

Decision Ref:

2024-0026

Sector:

Investment

Product / Service:

Personal Pension Plan

Conduct(s) complained of:

Encashment delays

Dissatisfaction with customer service

Failure to process instructions in a timely manner

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint relates to the transfer of the Complainant’s pension plan from a third-party

based in the UK, to the Provider.

The Complainant’s Case

The Complainant states that he spoke to his financial advisor in August 2020 about the

possibility of moving his UK pension plan into an Approved Retirement Fund (‘ARF’), which

was based in Ireland with the Provider. The Complainant says he received the Provider’s

application form, which he completed and gave to his financial adviser on 23 September

2020, for onward transmission. He says that he was advised that the transfer should have

been completed within six weeks.

The Complainant submits that he requested updates from his financial adviser on 17

November 2020 and 8 February 2021 respectively and, at that point, he expressed

concern about the length of time that the transfer of his pension was taking. He noted that

it had been five months since he submitted the application.

The Complainant says that on 17 February 2021, he received copies of communications

between his financial adviser and the Provider, which included a policy number that

named the Complainant as the policy holder. The Complainant says that this shows that

the Provider had at that point, established a policy for his funds to be transferred into.