Sampson Associates Pension Fund (PO-6311 and PO-6310)

Complaint Summary

1. The Applicants’ complaint is that Friends Life:
a. did not offer them suitable investment options for the cash held in the Scheme;
b. instructed property managers and charged fees for the management of the commercial property held by the Scheme, which was a service they did not require;
c. required them to pay stamp duty land tax (SDLT) of £20,000 plus legal fees on a property transaction;
d. delayed in carrying out the transfer of the funds under the Scheme to their policies with AJ Bell; and
e. delayed in supplying details of the fees charged for the Scheme, that they had requested in June 2014.

Summary of the Ombudsman’s Determination and reasons

2. The complaint should not be upheld against Friends Life because apart from one part of the complaint, I am unable to find maladministration by Friends Life. In respect of that part of the complaint where I have found maladministration, I am unable to find that the Applicants have suffered any injustice.