Kodak Pension Plan (PO-7738)

Complaint summary

Mr Baust has complained that the Trustees:

• caused delays during the valuation and transfer of his funds to Partnership (an annuity provider) which resulted in a lower annuity amount being payable; and
• refused to confirm and reassure him that his transfer value out of the Plan was not disadvantaged by the subsequent transfer of other Plan members to the new Kodak Pension Plan (no. 2).

Summary of the Ombudsman’s Determination and reasons

The complaint should be upheld only in relation to Mr Baust’s first complaint. The Trustees did not act to seek the necessary clarification following receipt of information from HM Revenue and Customs (HMRC) and this led to a decrease in the annuity he was subsequently able to purchase.