Personal Retirement Savings Accounts (PRSA) Decision Reference 2023-0101

• Case Outcome: Rejected
• Year: 2023
• Date: 26 April 2023
• Reference: 2023-0101
• Subject Matter: Personal Retirement Savings Accounts (PRSA)
• Finantial Sector: Investment
• Conducts Complained Of: Failure to provide correct information,Failure to inform of drop in value, Failure to process instructions

Decision Ref:

2023-0101

Sector:

Investment

Product / Service:

Personal Retirement Savings Accounts (PRSA)

Conduct(s) complained of:

Failure to provide correct information

Failure to process instructions

Failure to inform of drop in value

Outcome:

Rejected

LEGALLY BINDING DECISION OF THE FINANCIAL SERVICES AND PENSIONS OMBUDSMAN

This complaint relates to the transfer of a pension plan from the Provider to a third-party

entity.

The Complainant’s Case

The Complainant held a pension plan with the Provider. He states that on 24 February

2020, he sent an instruction to the Provider in respect of the payment of his benefit. He

states that his instruction indicated that he wanted a cash lump sum of 25% of the Fund,

and a transfer of the balance to an Approved Retirement Fund (ARF) / Approved Minimum

Retirement Fund (AMRF).

The Complainant states that the Provider rang him on 2 March 2020 to confirm his

instructions but that, during this call, the Provider omitted to inform him that the fund had

dropped in value at this time, from €244,972 (two hundred and forty-four thousand, nine

hundred and seventy-two Euro) to €234,763 (two hundred and thirty-four thousand, seven

hundred and sixty-three Euro).

The Complainant states that by the time the fund was transferred to the new provider, the

value had fallen to €202,888.35 (two hundred and two thousand, eight hundred and

eighty-eight Euro thirty-five Cent).