Rimmer Brothers Pension Scheme (PO-7823)

Complaint summary

Mr Bower has complained that Aegon applied a penalty charge to the value of his fund when it was transferred to a new Aegon pension arrangement. He was not told beforehand that a charge would apply and he asserts that the transfer value quoted should be honoured in the new plan.

Summary of the Ombudsman’s Determination and reasons

The complaint should not be upheld. Although there was admitted maladministration in that Mr Bower’s benefit statements and transfer valuation contained incorrect information, Aegon have made an adequate offer of compensation, including, reinstatement and a payment for distress and inconvenience.