Prudential Personal Pension Plan (PO-5341)

Ombudsman’s Determination

Outcome

I do not uphold Mr E’s complaint but there is one point requiring action by Prudential.

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

Complaint summary

Mr E had complained that following a mistake made by Prudential in late 2008 (prior to part of the Plan being transferred to another provider), his remaining assets in the With-Profits fund were not subjected to the correct level of guaranteed increases.

More generally, Mr E has complained that the application of Final Bonus was not adequately covered in Prudential’s With-Profits literature, particularly what happens when a Selected Retirement Date (SRD) is reached, or deferred until a later date, or if partial benefits are taken at SRD. Mr E believes a crystallisation event occurred in 2008, when he altered his pension benefits with Prudential and says any Final Bonus at that time should have been amalgamated with his remaining With-Profits funds.