Personal Pension Plan Decision Reference 2021-0364

Case OutcomeRejected
Date12 October 2021
Subject MatterPersonal Pension Plan
Conducts Complained OfSwitching funds ,Delayed or inadequate communication, Failure to provide product/service information
Finantial SectorInvestment
Decision Ref:
Product / Service:
Personal Pension Plan
Conduct(s) complained of:
Switching funds
Delayed or inadequate communication
Failure to provide product/service information
The complaint relates to an ‘Investment Pension Property fund’ held by the Complainant.
The Complainants’ Case
The Complainant is very unhappy with the Provider placing a 6-month delay period on
withdrawals or switches from his investment fund from 19 March 2020, without clearly
setting out in its Terms and Conditions that this could be implemented without prior notice
to its investors.
The Complainant says that on 19th March 2020 he attempted to “switch out of” the fund
through an online service. The Provider informed him on the same day that this was not
possible, as the fund was now subject to a delay period for transactions. The Complainant
was surprised and annoyed that he had received no notification of the Provider’s intentions.
He contacted the Provider again on 30th March 2020 and raised a formal complaint.
The Complainant says he was “shocked to find out that there was no notice period at all” to
the investors, he says that he understands the reasons outlined to him by the Provider in
this regard. He submits that his complaint is more specifically that the Provider’s Terms and
Conditions do not set out that the Provider can do this in the manner which it did, and that
as a result, he was not on notice of this fact.
The Complainant says that the relevant section of the terms and conditions, headed “Delay
Period” on page 29 of the Provider Terms & Conditions document, does not contain any

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