Suffolk Life (PO-7592)

Outcome

I do not uphold Dr D’s complaint and no further action is required by Suffolk Life.

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

Complaint summary

Dr D was provided with an incorrect contributions statement as at 1 April 2013 (the April 2013 Statement), that indicated that a payment of £40,000 (net) had been received in the 2011/12 tax year.

He estimates his financial loss to be significant as he has potentially incurred an Annual Allowance (AA) charge for tax year 2013/14. In addition to compensation for non-financial injustice, he considers a reimbursement of any tax/other charges, or a refund of any excess contributions with interest, to be reasonable compensation. He is not happy with the offer made by Suffolk Life.

Suffolk Life has acknowledged a mistake was made in the April 2013 Statement and that they did not provide a corrected statement for April 2013. They have offered total compensation of £250. They do not accept responsibility for Dr D exceeding the AA regardless of which year the AA charge relates to.