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No evidence misinformation was relied on – The case study of Mrs K

Complaint Topic: Misquote/Misinformation
Outcome: Partly upheld
Type: Pension complaint or dispute

Mrs K left the HSBC Bank (UK) Pension Scheme on 17 April 1987. In April 2008, she was incorrectly informed her deferred pension would increase by 3.1% per annum. Mrs K complained to TPO that she relied on the incorrect information not to transfer her deferred pension to her local authority pension scheme.

Mrs K also claimed that from 2004, several statements provided to her incorrectly stated her deferred pension would increase up to retirement.

But HSBC had stopped discretionary increases from 2004 onwards and from then, her pension was frozen. In 2018 she was quoted her normal retirement pension and became aware her pension was 50% less than she been led to expect. 

The Ombudsman partly upheld Mrs K’s complaint as he found the information supplied to her was unclear and misleading.  

But the Ombudsman found Mrs K’s pension had been correctly calculated and there was no evidence she intended to transfer her deferred pension. As there was no clear evidence of financial loss, this part of her complaint was not upheld.

In recognition of the distress and inconvenience suffered Mrs K was awarded £1,000.

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