JR Allen & Sons Group Money Purchase Pension Scheme (PO-11974)

Ombudsman’s Determination

Outcome

I do not uphold Mr G’s complaint and no further actions are required by R&Quiem Financial Services Ltd (R&Quiem) or Scottish Widows.

My reasons for reaching this decision are explained in more detail below.

Complaint summary

The crux of Mr G’s complaint results from the decision made by the Trustees of his previous employer’s scheme and the subsequent transfer to a section 32 plan with Scottish Widows in 2006. This was a bulk transfer following the wind up of the Scheme and the Trustees sought advice from R&Quiem (at that time, Oval Financial Services Limited). Mr G is unhappy with the following:

• the transfer took place without his knowledge or consent;
• he was not made aware that his risk profile would change upon transfer into the section 32 plan;
• he is extremely concerned that the transfer went into a lower risk bracket, therefore compromising the potential for investment growth. Mr G says he received advice when he initially joined the Scheme, and that as a result he was invested in adventurous funds. Mr G also says he was the only scheme member to be invested in such high risk funds;
• because he had a higher risk appetite, he ought to have been provided with financial advice before the transfer took place;
• the Trustees and R&Quiem ought to have considered his individual circumstances and attitude to risk;
• on an application form required by Scottish Widows, a Trustee has signed in place of Mr G. Mr G feels this amounts to negligence and fraud, and is unhappy that Scottish Widows accepted the form with a signature that was not his.