Scottish Widows Personal Pension (PO-10312)

Ombudsman’s Determination

Outcome

I do not uphold Mr D’s complaint and no further action is required by Scottish Widows.

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

Complaint summary

Mr D has complained about the time taken to settle his retirement benefits.  Mr D states that the delay resulted in a fall in fund value from £36,863.50 to £35,397.17, resulting in a financial loss of £1,466.33.  Mr D states that if he had been given a telephone appointment for 19 August 2015, as he had requested, he would not have been disadvantaged.

Mr D would like compensation for the financial loss and for the distress and inconvenience that he has suffered as a result.  He states that he has spent approximately 10 hours on phone calls and correspondence regarding his complaint.  He estimates the cost to be £900 for the 10 hours at £90 per hour, plus the financial loss, to give a total of £2,366.33, which he would like receive in compensation.